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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Operating Lease Future Contractual Lease Payments | The Company leases properties to tenants under operating leases with various expiration dates. Future contractual lease payments under operating leases at December 31, 2024 are as follows (in thousands):
Year |  |
2025 |  | $ | 337,848 |
2026 |  | 337,910 |
2027 |  | 315,282 |
2028 |  | 282,838 |
2029 |  | 228,722 |
Thereafter |  | 837,634 |
Schedule of Lease Costs | The table below summarizes the Company’s operating lease cost (in thousands) recognized through “Property operating expenses” on the consolidated statements of operations (in thousands):
|  | Year Ended December 31,
Lease Cost |  | 2024 |  | 2023
Fixed lease cost |  | $ | 2,100 |  |  | $ | 2,100 |
Variable lease cost |  | 42 |  |  | 57 |
Total |  | $ | 2,142 |  |  | $ | 2,157 |
Weighted-average remaining lease term (years) |  | 53.3 |  | 54.0
Weighted-average discount rate |  | 6.3 | % |  | 6.3 | %
Schedule of Operating Lease Liability Maturities | Lease payments on noncancellable leases at December 31, 2024 are as follows (in thousands):
Year |  | Minimum Rent
2025 |  | $ | 1,321 |
2026 |  | 1,338 |
2027 |  | 1,355 |
2028 |  | 1,373 |
2029 |  | 1,418 |
Thereafter |  | 103,646 |
Total lease payments |  | $ | 110,451 |
Less: Imputed interest |  | 86,905 |
Present value of operating lease liabilities |  | $ | 23,546 |

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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 undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + 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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