Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Costs

The components of lease cost for the years ended December 31, 2023, 2022, and 2021 were as follows (in thousands):

	Years Ended December 31,
	2023		2022		2021
Operating lease cost (a)	$	1,969	$	1,969	$	2,448
Finance lease cost:
Amortization of right-of-use assets (a)	1,349		1,110		1,022
Interest on lease liabilities	3,636		2,573		2,251

________________________________________

(a) Includes amortization of above & below-market ground lease intangible assets.

The table below presents supplemental cash flow information related to leases during the years ended December 31, 2023, 2022, and 2021 (in thousands):

	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,852	$	1,797	$	2,085
Operating cash flows from finance leases	2,876		2,256		1,986

Additional information related to leases as of December 31, 2023 and 2022 were as follows:

	December 31,
	2023		2022
Weighted Average Remaining Lease Term (years)
Operating leases	34.8		35.8
Finance leases	76.9		42.7
Weighted Average Discount Rate
Operating leases	5.5	%	5.5	%
Finance leases	4.5	%	5.7	%

Schedule of Maturities of Operating Lease Liabilities

The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount.

Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2024	$	1,881	$	3,538
2025	1,897		3,575
2026	1,882		3,580
2027	1,890		3,602
2028	1,930		3,697
Thereafter	64,565		374,471
Total undiscounted cash flows	74,045		392,463
Present value discount	(42,517)		(300,594)
Discounted cash flows	$	31,528	$	91,869

Schedule of Maturities of Finance Lease Liabilities

The undiscounted cash flows to be paid on an annual basis for the next five years and thereafter are presented below. The total amount of lease payments, on an undiscounted basis, are reconciled to the lease liability, on the consolidated balance sheet by considering the present value discount.

Year Ending December 31,	Operating Leases		Finance Leases
	(in thousands)
2024	$	1,881	$	3,538
2025	1,897		3,575
2026	1,882		3,580
2027	1,890		3,602
2028	1,930		3,697
Thereafter	64,565		374,471
Total undiscounted cash flows	74,045		392,463
Present value discount	(42,517)		(300,594)
Discounted cash flows	$	31,528	$	91,869

Schedule of Rental Revenue

Rental revenue for the years ended December 31, 2023, 2022, and 2021 comprised the following (in thousands):

	Years Ended December 31,
	2023		2022		2021
Base rent and tenant charges	$	230,379	$	212,046	$	186,137
Accrued straight-line rental adjustment	6,355		6,178		4,938
Lease incentive amortization	(557)		(684)		(660)
Below/(above) market lease amortization	2,747		1,754		1,725
Total rental revenue	$	238,924	$	219,294	$	192,140

Schedule of Minimum Rental Payments

The Company's commercial tenant leases provide for minimum rental payments during each of the next five years and thereafter as follows (in thousands):

Year Ending December 31,	Operating Leases
2024	$	144,114
2025	139,816
2026	131,619
2027	119,741
2028	107,561
Thereafter	520,189
Total	$	1,163,040