Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of future minimum lease payments due to the Company under property operating agreements

Future minimum lease payments under the non-cancelable operating leases, excluding any reimbursements, as of December 31, 2024 were as follows:

In thousands
2025	$	816,029
2026	744,399
2027	634,752
2028	522,433
2029	418,455
2030 and thereafter	1,544,358
	$	4,680,426

Schedule of future minimum operating lease payments

The Company’s future lease payments (primarily for its 142 non-prepaid ground leases) as of December 31, 2024 were as follows:

In thousands	OPERATING		FINANCING
2025	$	12,410	$	2,070
2026	12,540		2,106
2027	12,743		2,145
2028	12,879		2,177
2029	12,944		2,209
2030 and thereafter	657,744		383,172
Total undiscounted lease payments	$	721,260	$	393,879
Discount	(496,761)		(321,533)
Lease liabilities	$	224,499	$	72,346

Schedule of future minimum finance lease payments

The Company’s future lease payments (primarily for its 142 non-prepaid ground leases) as of December 31, 2024 were as follows:

In thousands	OPERATING		FINANCING
2025	$	12,410	$	2,070
2026	12,540		2,106
2027	12,743		2,145
2028	12,879		2,177
2029	12,944		2,209
2030 and thereafter	657,744		383,172
Total undiscounted lease payments	$	721,260	$	393,879
Discount	(496,761)		(321,533)
Lease liabilities	$	224,499	$	72,346

Schedule of lease cost

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

	YEAR ENDED DECEMBER 31
In thousands	2024			2023
Operating lease cost
Operating lease expense	$	18,076		$	20,623
Variable lease expense	4,939			8,979
Finance lease cost
Amortization of right-of-use assets	1,533			1,564
Interest on lease liabilities	3,727			3,718
Total lease expense	$	28,275		$	34,884
Other information
Operating cash flows outflows related to operating leases	$	15,545		$	19,222
Operating cash flows outflows related to financing leases	$	2,107		$	2,122
Financing cash flows outflows related to financing leases	$	17		$	17
Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,855		$	1,758
Weighted-average remaining lease term (excluding renewal options) - operating leases	44.1			45.8
Weighted-average remaining lease term (excluding renewal options) - finance leases	57.8			57.9
Weighted-average discount rate - operating leases	5.7		%	5.7		%
Weighted-average discount rate - finance leases	5.0		%	5.0		%