Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Future Minimum Operating Lease Payments Receivable

Future lease payments under the non-cancelable operating leases, excluding any reimbursements and one sale-type lease, as of March 31, 2024 were as follows:

Dollars in thousands	OPERATING
2024	$	680,129
2025	831,775
2026	734,080
2027	611,277
2028	497,470
2029 and thereafter	1,665,663
	$	5,020,394

Schedule of Future Minimum Operating Lease Payments

The Company’s future lease payments (primarily for its 156 non-prepaid ground leases) as of March 31, 2024 were as follows:

Dollars in thousands	OPERATING		FINANCING
2024	$	8,760	$	1,523
2025	12,415		2,218
2026	12,503		2,255
2027	12,689		2,294
2028	12,809		2,326
2029 and thereafter	698,464		394,072
Total undiscounted lease payments	757,640		404,688
Discount	(528,417)		(329,919)
Lease liabilities	$	229,223	$	74,769

Schedule of Future Minimum Financing Lease Payments

The Company’s future lease payments (primarily for its 156 non-prepaid ground leases) as of March 31, 2024 were as follows:

Dollars in thousands	OPERATING		FINANCING
2024	$	8,760	$	1,523
2025	12,415		2,218
2026	12,503		2,255
2027	12,689		2,294
2028	12,809		2,326
2029 and thereafter	698,464		394,072
Total undiscounted lease payments	757,640		404,688
Discount	(528,417)		(329,919)
Lease liabilities	$	229,223	$	74,769

Schedule of Lease Cost

The following table provides details of the Company's total lease expense for the three months ended March 31, 2024 and 2023:

	THREE MONTHS ENDED March 31,
Dollars in thousands	2024			2023
Operating lease cost
Operating lease expense	$	4,465		$	5,107
Variable lease expense	1,228			2,136
Finance lease cost
Amortization of right-of-use assets	387			388
Interest on lease liabilities	937			918
Total lease expense	$	7,017		$	8,549
Other information
Operating cash flows outflows related to operating leases	$	4,040		$	5,960
Operating cash flows outflows related to financing leases	$	563		$	553
Financing cash flows outflows related to financing leases	$	110		$	101
Weighted-average years remaining lease term (excluding renewal options) - operating leases	45.8			47.4
Weighted-average years remaining lease term (excluding renewal options) - finance leases	57.7			58.7
Weighted-average discount rate - operating leases	5.7		%	5.8		%
Weighted-average discount rate - finance leases	5.0		%	5.0		%