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Lease Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Lease Income for Residential and Commercial Property Leases | For the three and nine months ended September 30, 2024 and 2023, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Fixed lease income |  | $ | 47,391 |  |  | $ | 43,937 |  |  | $ | 139,096 |  |  | $ | 127,150 |
Variable lease income |  |  | 3,662 |  |  |  | 3,640 |  |  |  | 11,242 |  |  |  | 10,046 |
Total lease income |  | $ | 51,053 |  |  | $ | 47,577 |  |  | $ | 150,338 |  |  | $ | 137,196 |
Schedule of Minimum Lease Payments from our Office Space Sublease and Commercial Space Leases, Excluding Extension Options | Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of September 30, 2024, are as follows (in thousands):
| Corporate Office Sublease |  |  | Commercial Leases |
Remainder of 2024 | $ | 354 |  |  | $ | 3,274 |
2025 |  | 1,423 |  |  |  | 10,509 |
2026 |  | 1,433 |  |  |  | 8,003 |
2027 |  | 1,443 |  |  |  | 5,967 |
2028 |  | 1,453 |  |  |  | 3,703 |
Thereafter |  | 630 |  |  |  | 18,782 |
Total | $ | 6,736 |  |  | $ | 50,238 |
Schedule of Lease Costs, Net of Capitalized Lease Costs | See the table below for lease costs, net of capitalized finance lease costs, for the three and nine months ended September 30, 2024 and 2023 (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease costs |  | $ | 375 |  |  | $ | 384 |  |  | $ | 1,137 |  |  | $ | 1,138 |
Finance lease costs: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets, net of capitalized amounts |  |  | 312 |  |  |  | — |  |  |  | 743 |  |  |  | — |
Interest on lease liabilities, net of capitalized amounts |  |  | 1,794 |  |  |  | — |  |  |  | 4,467 |  |  |  | — |
Total lease costs, net of capitalized amounts |  | $ | 2,481 |  |  | $ | 384 |  |  | $ | 6,347 |  |  | $ | 1,138 |
Schedule of Weighted Average Remaining Terms and Discount Rates | The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of September 30, 2024, and December 31, 2023:
| September 30, 2024 |  |  | December 31, 2023 |
Weighted average remaining lease term (years): |  |  |  |  |
Operating leases |  | 4.5 |  |  |  | 5.2 |
Finance leases |  | 92.7 |  |  |  | 93.4 |
Weighted-average discount rate: |  |  |  |  |
Operating leases |  | 3.4 | % |  |  | 3.3 | %
Finance leases |  | 6.1 | % |  |  | 6.1 | %
Minimum Annual Lease Payments Under Operating, Financing Leases | Combined annual future minimum lease payments under our operating and finance leases are as follows as of September 30, 2024 (in thousands):
| Operating Leases |  |  | Finance Leases |
Remainder of 2024 | $ | 510 |  |  | $ | 980 |
2025 |  | 2,355 |  |  |  | 4,437 |
2026 |  | 2,341 |  |  |  | 4,954 |
2027 |  | 2,380 |  |  |  | 5,483 |
2028 |  | 2,181 |  |  |  | 5,596 |
Thereafter |  | 805 |  |  |  | 1,427,669 |
Total |  | 10,572 |  |  |  | 1,449,119 |
Less: Discount |  | (801 | ) |  |  | (1,327,842 | )
Total lease liabilities | $ | 9,771 |  |  | $ | 121,277 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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