Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lease Costs

The components of lease cost for the years ended December 31, 2024, 2023, and 2022 were as follows (in thousands):

	Years Ended December 31,
	2024		2023		2022
Operating lease cost (a)	$	1,978	$	1,969	$	1,969
Finance lease cost:
Amortization of right-of-use assets (a)	1,578		1,349		1,110
Interest on lease liabilities	4,475		3,636		2,573

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(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, 2024, 2023, and 2022 (in thousands):

	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,898	$	1,852	$	1,797
Operating cash flows from finance leases	3,624		2,876		2,256

Additional information related to leases as of December 31, 2024 and 2023 were as follows:

	December 31,
	2024		2023
Weighted Average Remaining Lease Term (years)
Operating leases	33.9		34.8
Finance leases	76.1		76.9
Weighted Average Discount Rate
Operating leases	5.5	%	5.5	%
Finance leases	4.5	%	4.5	%

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 (in thousands). 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
2025	$	1,897	$	3,575
2026	1,882		3,580
2027	1,890		3,602
2028	1,930		3,697
2029	1,969		3,817
Thereafter	62,596		370,654
Total lease liabilities	72,164		388,925
Less imputed interest	(40,799)		(296,279)
Present value of lease liabilities	$	31,365	$	92,646

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 (in thousands). 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
2025	$	1,897	$	3,575
2026	1,882		3,580
2027	1,890		3,602
2028	1,930		3,697
2029	1,969		3,817
Thereafter	62,596		370,654
Total lease liabilities	72,164		388,925
Less imputed interest	(40,799)		(296,279)
Present value of lease liabilities	$	31,365	$	92,646

Schedule of Rental Revenue

Rental revenue for the years ended December 31, 2024, 2023, and 2022 comprised the following (in thousands):

	Years Ended December 31,
	2024		2023		2022
Base rent and tenant charges	$	246,797	$	230,379	$	212,046
Accrued straight-line rental adjustment	8,254		6,355		6,178
Lease incentive amortization	(435)		(557)		(684)
(Above) below market lease amortization, net	2,081		2,747		1,754
Total rental revenue	$	256,697	$	238,924	$	219,294

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
2025	$	136,031
2026	135,952
2027	127,901
2028	117,542
2029	103,965
Thereafter	484,623
Total	$	1,106,014