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Lease Arrangements (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Lease Income for Residential and Commercial Property Leases | years ended December 31, 2024, 2023, and 2022, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Fixed lease income |  | $ | 186,869 |  |  | $ | 172,580 |  |  | $ | 176,080 |
Variable lease income |  |  | 15,121 |  |  |  | 13,892 |  |  |  | 13,654 |
Total lease income |  | $ | 201,990 |  |  | $ | 186,472 |  |  | $ | 189,734 |
Future Minimum Annual Rental Payments Receivable Under Residential and Commercial Leases | Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of December 31, 2024, are as follows (in thousands):
| Corporate Office Sublease |  |  | Commercial Leases |
2025 | $ | 1,423 |  |  | $ | 2,435 |
2026 |  | 1,433 |  |  |  | 2,298 |
2027 |  | 1,443 |  |  |  | 2,112 |
2028 |  | 1,453 |  |  |  | 2,023 |
2029 |  | 630 |  |  |  | 2,074 |
Thereafter |  | — |  |  |  | 15,898 |
Total | $ | 6,382 |  |  | $ | 26,840 |
Schedule of Lease Costs, Net of Capitalized Lease Costs | See the table below for lease costs, net of capitalized finance lease costs, for the years ended December 31, 2024, 2023, and 2022.
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease costs |  | $ | 1,504 |  |  | $ | 1,514 |  |  | $ | 1,084 |
Finance lease costs: |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets, net of capitalized amounts |  |  | 1,092 |  |  |  | — |  |  |  | 6,731 |
Interest on lease liabilities, net of capitalized amounts |  |  | 6,300 |  |  |  | 282 |  |  |  | 7,465 |
Total lease costs, net of capitalized amounts |  | $ | 8,896 |  |  | $ | 1,796 |  |  | $ | 15,280 |
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 December 31, 2024 and 2023.
| 2024 |  |  | 2023 |
Weighted average remaining lease term (years): |  |  |  |  |
Operating leases |  | 4.3 |  |  |  | 5.2 |
Finance leases |  | 92.5 |  |  |  | 93.4 |
Weighted-average discount rate: |  |  |  |  |
Operating leases |  | 3.5 | % |  |  | 3.3 | %
Finance leases |  | 6.1 | % |  |  | 6.1 | %
Minimum Annual Lease Payments Under Operating, Financing Leases and Sublease Income | Combined minimum annual lease payments under operating and finance leases are as follows as of December 31, 2024 (in thousands):
| Operating Leases |  |  | Finance Leases |
2025 | $ | 2,195 |  |  | $ | 4,146 |
2026 |  | 2,341 |  |  |  | 4,954 |
2027 |  | 2,380 |  |  |  | 5,483 |
2028 |  | 2,181 |  |  |  | 5,596 |
2029 |  | 800 |  |  |  | 5,708 |
Thereafter |  | — |  |  |  | 1,421,989 |
Total |  | 9,897 |  |  |  | 1,447,876 |
Less: Discount |  | (719 | ) |  |  | (1,326,031 | )
Total lease liabilities | $ | 9,178 |  |  | $ | 121,845 |

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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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