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Lease Arrangements (Tables)
 12 Months Ended
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