Lease Income (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lessor, operating lease, payments to be received, maturity

Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2024 are as follows (in thousands):

2025	$	544,452
2026	507,298
2027	454,095
2028	390,475
2029	355,565
Thereafter	1,402,994
	$	3,654,879

Operating lease, lease income

The components of lease income from operating leases in our consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Fixed lease payments	$	545,573	$	589,469	$	583,107
Variable lease payments	63,004		79,641		82,676
Total lease payments (1)	$	608,577	$	669,110	$	665,783
Amortization of acquired above and below-market leases	(2,578)		14,225		5,717
Total rental revenue	$	605,999	$	683,335	$	671,500

(1)Amounts include $188.5 million and $196.5 million of sublease income for the years ended December 31, 2024 and 2023, respectively.

Schedule of sales type leases

The table below summarizes our investment in sales-type leases as of December 31, 2024:

Property	Year of Current Expiration	Year of Final Expiration (1)
15 Beekman (2)	2089	2089

(1)Reflects exercise of all available renewal options.

(2)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures."

Sales-type and direct financing leases, lease receivable, maturity

Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2024 are as follows (in thousands):

	Sales-type leases
2025	$	3,228
2026	3,276
2027	3,325
2028	3,375
2029	3,426
Thereafter	193,367
Total minimum lease payments	$	209,997
Amount representing interest	(103,044)
Investment in sales-type leases (1)	$	106,953

(1)This amount is included in Other assets in our consolidated balance sheets.

Sales-type lease, lease income

The components of lease income from sales-type leases during the years ended December 31, 2024, 2023 and 2022 were as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Interest income (1)	$	4,500	$	4,444	$	4,389

(1)These amounts are included in Interest expense, net of interest income in our consolidated statements of operations.