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Leases
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Leases Leases
Lessor
Rental Revenue
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands):

September 30, 2023
Period ending December 31, 2023$44,254 
2024178,522 
2025174,706 
2026169,052 
2027165,342 
Thereafter990,386 
Total$1,722,262 
Lessee
The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside and for its corporate offices.
The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases.
The effects of the Company's leases are recorded in right-of-use assets and lease liabilities on the condensed consolidated balance sheets.
The weighted average remaining lease term for the Company's leases was 36.7 years as of September 30, 2023.
The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
September 30, 2023
Period ending December 31, 2023$671 
20242,746 
20252,768 
20262,715 
20272,681 
Thereafter107,456 
Total undiscounted rental payments119,037 
Less imputed interest(77,777)
Total lease liabilities$41,260 
The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2023202220232022
Operating lease costs:
Ground lease costs (1)
Rental expenses$682 $615 $2,045 $1,562 
Corporate operating lease costsGeneral and administrative expenses175 182 551 559 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$166 $135 $564 $354 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying condensed consolidated statements of comprehensive income.
Leases Leases
Lessor
Rental Revenue
The Company’s real estate properties are leased to tenants under operating leases with varying terms. Typically, the leases have provisions to extend the terms of the lease agreements. The Company retains substantially all of the risks and benefits of ownership of the real estate properties leased to tenants.
Future rent to be received from the Company's investments in real estate assets under the terms of non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31, and thereafter, are as follows (amounts in thousands):

September 30, 2023
Period ending December 31, 2023$44,254 
2024178,522 
2025174,706 
2026169,052 
2027165,342 
Thereafter990,386 
Total$1,722,262 
Lessee
The Company is subject to various non-cancellable operating lease agreements on which certain of its properties reside and for its corporate offices.
The Company's operating leases do not provide implicit interest rates. In order to calculate the present value of the remaining operating lease payments, the Company used incremental borrowing rates, or IBRs, adjusted for a number of factors. The determination of an appropriate IBR involves multiple inputs and judgments. The Company determined its IBRs considering the general economic environment, term of the underlying leases, and various financing and asset specific adjustments to ensure the IBRs are appropriate for the intended use of the underlying operating leases.
The effects of the Company's leases are recorded in right-of-use assets and lease liabilities on the condensed consolidated balance sheets.
The weighted average remaining lease term for the Company's leases was 36.7 years as of September 30, 2023.
The future rent payments, discounted by the Company's IBRs, under non-cancellable operating leases in effect as of September 30, 2023, for the period ending December 31, 2023, and for each of the next four years ending December 31 and thereafter, are as follows (amounts in thousands):
September 30, 2023
Period ending December 31, 2023$671 
20242,746 
20252,768 
20262,715 
20272,681 
Thereafter107,456 
Total undiscounted rental payments119,037 
Less imputed interest(77,777)
Total lease liabilities$41,260 
The following table provides details of the Company's total lease costs for the three and nine months ended September 30, 2023 and 2022 (amounts in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
Location in Condensed Consolidated Statements of Comprehensive Income2023202220232022
Operating lease costs:
Ground lease costs (1)
Rental expenses$682 $615 $2,045 $1,562 
Corporate operating lease costsGeneral and administrative expenses175 182 551 559 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$166 $135 $564 $354 
(1)The Company receives reimbursements from tenants for certain operating ground leases, which are recorded as rental revenue in the accompanying condensed consolidated statements of comprehensive income.