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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Note 11 – Leases Lessor As of March 31, 2025, the Company’s operating leases have non-cancelable lease terms ranging from 0.1 years to 15.8 years. Certain leases with tenants include tenant options to extend or terminate the lease agreements or to purchase the underlying assets. Lease agreements may also contain rent increases that are based on an index or rate (e.g., the consumer price index). The components of rental revenue from the Company’s operating leases during the periods indicated below were as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Fixed: |  |  |  |  |  |  |  |
Cash rental revenue |  | $ | 23,642 |  |  | $ | 31,678 |  |  |  |  |
Straight-line rental revenue |  | 3,631 |  |  | 549 |  |  |  |  |
Lease intangible amortization |  | 250 |  |  | 414 |  |  |  |  |
Fixed property operating cost reimbursements |  | 1,509 |  |  | 1,446 |  |  |  |  |
Other fixed rental revenue |  | 703 |  |  | 1,038 |  |  |  |  |
Total fixed |  | 29,735 |  |  | 35,125 |  |  |  |  |
Variable: |  |  |  |  |  |  |  |
Variable property operating cost reimbursements |  | 7,460 |  |  | 11,196 |  |  |  |  |
Other variable rental revenue |  | 602 |  |  | 674 |  |  |  |  |
Total variable |  | 8,062 |  |  | 11,870 |  |  |  |  |
Total rental revenue |  | $ | 37,797 |  |  | $ | 46,995 |  |  |  |  |
The following table presents future minimum base rent payments due to the Company under the terms of its operating lease agreements, excluding expense reimbursements, over the next five years and thereafter as of March 31, 2025 (in thousands).
|  | Future Minimum Base Rent Payments |  |
April 1, 2025 - December 31, 2025 |  | $ | 65,187 |  |  |
2026 |  | 83,276 |  |  |
2027 |  | 69,676 |  |  |
2028 |  | 60,787 |  |  |
2029 |  | 44,090 |  |  |
2030 |  | 42,042 |  |  |
Thereafter |  | 203,574 |  |  |
Total |  | $ | 568,632 |  |  |
Lessee The Company is the lessee under ground lease arrangements and corporate office leases, which meet the criteria under U.S. GAAP for an operating lease. As of March 31, 2025, the Company’s operating leases had remaining lease terms ranging from 0.7 years to 59.8 years, which includes options to extend. Under the operating leases, the Company pays rent and may also pay variable costs, including property operating expenses and common area maintenance. The weighted average discount rate used to measure the lease liability for the Company’s operating leases was 3.69% as of March 31, 2025. As the Company’s leases do not provide an implicit rate, the Company used an estimated incremental borrowing rate based on the information available at the lease commencement date or the lease guidance adoption date, as applicable, in determining the present value of lease payments. Operating lease costs were $0.3 million for the three months ended March 31, 2025 and 2024. No cash paid for operating lease liabilities was capitalized during the three months ended March 31, 2025 and 2024. The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground and corporate office lease obligations as of March 31, 2025 (in thousands).
|  | Future Minimum Lease Payments
April 1, 2025 - December 31, 2025 |  | $ | 888 |
2026 |  | 778 |
2027 |  | 752 |
2028 |  | 761 |
2029 |  | 473 |
2030 |  | 447 |
Thereafter |  | 11,597 |
Total |  | 15,696 |
Less: imputed interest |  | 5,450 |
Total |  | $ | 10,246 |
Leases | Note 11 – Leases Lessor As of March 31, 2025, the Company’s operating leases have non-cancelable lease terms ranging from 0.1 years to 15.8 years. Certain leases with tenants include tenant options to extend or terminate the lease agreements or to purchase the underlying assets. Lease agreements may also contain rent increases that are based on an index or rate (e.g., the consumer price index). The components of rental revenue from the Company’s operating leases during the periods indicated below were as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Fixed: |  |  |  |  |  |  |  |
Cash rental revenue |  | $ | 23,642 |  |  | $ | 31,678 |  |  |  |  |
Straight-line rental revenue |  | 3,631 |  |  | 549 |  |  |  |  |
Lease intangible amortization |  | 250 |  |  | 414 |  |  |  |  |
Fixed property operating cost reimbursements |  | 1,509 |  |  | 1,446 |  |  |  |  |
Other fixed rental revenue |  | 703 |  |  | 1,038 |  |  |  |  |
Total fixed |  | 29,735 |  |  | 35,125 |  |  |  |  |
Variable: |  |  |  |  |  |  |  |
Variable property operating cost reimbursements |  | 7,460 |  |  | 11,196 |  |  |  |  |
Other variable rental revenue |  | 602 |  |  | 674 |  |  |  |  |
Total variable |  | 8,062 |  |  | 11,870 |  |  |  |  |
Total rental revenue |  | $ | 37,797 |  |  | $ | 46,995 |  |  |  |  |
The following table presents future minimum base rent payments due to the Company under the terms of its operating lease agreements, excluding expense reimbursements, over the next five years and thereafter as of March 31, 2025 (in thousands).
|  | Future Minimum Base Rent Payments |  |
April 1, 2025 - December 31, 2025 |  | $ | 65,187 |  |  |
2026 |  | 83,276 |  |  |
2027 |  | 69,676 |  |  |
2028 |  | 60,787 |  |  |
2029 |  | 44,090 |  |  |
2030 |  | 42,042 |  |  |
Thereafter |  | 203,574 |  |  |
Total |  | $ | 568,632 |  |  |
Lessee The Company is the lessee under ground lease arrangements and corporate office leases, which meet the criteria under U.S. GAAP for an operating lease. As of March 31, 2025, the Company’s operating leases had remaining lease terms ranging from 0.7 years to 59.8 years, which includes options to extend. Under the operating leases, the Company pays rent and may also pay variable costs, including property operating expenses and common area maintenance. The weighted average discount rate used to measure the lease liability for the Company’s operating leases was 3.69% as of March 31, 2025. As the Company’s leases do not provide an implicit rate, the Company used an estimated incremental borrowing rate based on the information available at the lease commencement date or the lease guidance adoption date, as applicable, in determining the present value of lease payments. Operating lease costs were $0.3 million for the three months ended March 31, 2025 and 2024. No cash paid for operating lease liabilities was capitalized during the three months ended March 31, 2025 and 2024. The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground and corporate office lease obligations as of March 31, 2025 (in thousands).
|  | Future Minimum Lease Payments
April 1, 2025 - December 31, 2025 |  | $ | 888 |
2026 |  | 778 |
2027 |  | 752 |
2028 |  | 761 |
2029 |  | 473 |
2030 |  | 447 |
Thereafter |  | 11,597 |
Total |  | 15,696 |
Less: imputed interest |  | 5,450 |
Total |  | $ | 10,246 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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