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Leases (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Operating Lease ROU Assets and Operating Lease Liabilities | Operating lease ROU assets and operating lease liabilities are included in the Company’s consolidated balance sheets as follows (in thousands):
|  |  |  | December 31, |
|  | Classification |  | 2024 |  |  | 2023 |
Operating Lease ROU Assets |  | Other Assets, Net |  | $ | 15,818 |  |  | $ | 17,373 |
Operating Lease Liabilities |  | Accounts Payable and Other Liabilities |  |  | 35,532 |  |  |  | 37,108 |
Schedule of Operating Lease Expenses | Operating lease expenses, including straight-line expense, included in Operating and Maintenance Expense for the Company’s ground leases and General and Administrative expense for its office leases are as follows (in thousands):
|  |  |  | December 31, |
Classification |  |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Operating and Maintenance |  |  |  | $ | 1,923 |  |  | $ | 2,209 |  |  | $ | 2,596 |
General and Administrative(A) |  |  |  |  | 2,290 |  |  |  | 2,303 |  |  |  | 2,213 |
Total lease costs |  |  |  | $ | 4,213 |  |  | $ | 4,512 |  |  | $ | 4,809 |
(A) Includes short-term leases and variable lease costs, which are immaterial.
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental balance sheet information related to operating leases was as follows:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted-Average Remaining Lease Term |  | 35.1 years |  |  | 35.1 years |
Weighted-Average Discount Rate |  |  | 7.5 | % |  |  | 7.5 | %
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) |  | $ | 3,704 |  |  | $ | 3,598 |
Schedule of Maturities of Lease Liabilities | As determined under Topic 842, maturities of lease liabilities were as follows for the years ended December 31, (in thousands):
Year |  | December 31, |
2025 |  | $ | 3,754 |
2026 |  |  | 3,855 |
2027 |  |  | 3,785 |
2028 |  |  | 3,821 |
2029 |  |  | 3,156 |
Thereafter |  |  | 98,552 |
Total lease payments |  |  | 116,923 |
Less imputed interest |  |  | (81,391 | )
Total |  | $ | 35,532 |
Summary of Disaggregation of Lease Income | The disaggregation of the Company’s lease income, which is included in Rental Income on the Company’s consolidated statements of operations, as either fixed or variable lease income based on the criteria specified in ASC 842, for the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Rental income: |  |  |  |  |  |  |  |  |
Fixed lease income(A) |  | $ | 193,890 |  |  | $ | 319,791 |  |  | $ | 339,805 |
Variable lease income(B) |  |  | 73,313 |  |  |  | 113,588 |  |  |  | 119,238 |
Above-market and below-market leases amortization, net |  |  | 1,381 |  |  |  | 11,693 |  |  |  | 3,616 |
Adjustments for potentially uncollectible revenues and disputed amounts(C) |  |  | 702 |  |  |  | (1,010 | ) |  |  | 1,593 |
Total rental income |  | $ | 269,286 |  |  | $ | 444,062 |  |  | $ | 464,252 |
(A) Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. (B) Includes expense reimbursements, percentage and overage rent, lease termination fee income and ancillary income. (C) The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts.
Schedule of Future Minimum Rental Income from Rental Properties under Terms of Non-Cancelable Tenant Leases | The scheduled future minimum rental income from rental properties under the terms of all non-cancelable tenant leases (including those on the cash basis), assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the years ending December 31, were as follows (in thousands):
Year |  | December 31, |
2025 |  | $ | 84,726 |
2026 |  |  | 77,986 |
2027 |  |  | 67,710 |
2028 |  |  | 52,534 |
2029 |  |  | 39,579 |
Thereafter |  |  | 130,289 |
Total |  | $ | 452,824 |

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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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