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Lease Arrangements (Tables)
 9 Months Ended
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