We lease commercial space to the U.S. Government through the GSA or other federal, state and local agencies or nongovernmental tenants. These leases may contain extension options that are predominately at the sole discretion of the tenant. Certain of our leases contain a “soft-term” period of the lease, meaning that the U.S. Government tenant agency has the right to terminate the lease prior to its stated lease end date. While certain of our leases are contractually subject to early termination, we do not believe that our tenant agencies are likely to terminate these leases early given the build-to-suit features at the properties subject to the leases, the weighted average age of these properties based on the date the property was built or renovated-to-suit, where applicable (approximately 19.5 years as of December 31, 2024), the mission-critical focus of the properties subject to the leases and the current level of operations at such properties. Certain lease agreements include variable lease payments that, in the future, will vary based on changes in inflationary measures, real estate tax rates, usage, or share of expenditures of the leased premises.

The following table summarizes the maturity of fixed lease payments under our leases as of December 31, 2024 (amounts in thousands):


	Payments due by period
	Total		2025		2026		2027		2028		2029		Thereafter
Fixed lease payments	$	2,157,284		253,667		241,166		229,336		208,931		184,217		1,039,967

The table below sets forth our composition of lease revenue recognized between fixed and variable components (amounts in thousands):


	Years Ended December 31,
	2024		2023		2022
Fixed	$	269,141	$	254,017	$	265,126
Variable		20,460		19,889		19,362
Property rental revenue		289,601		273,906		284,488

Information about our leases for our development properties as of December 31, 2024 are set forth in the table below:

        Property Name

        Location

        Tenant

        Property
Type

        Lease Term

        Estimated Leased
Square
Feet

FDA - Atlanta

Atlanta, GA

 Food and Drug Administration

L (1)

20-year

162,000

JUD - Flagstaff

Flagstaff, AZ

 Judiciary of the U.S. Government

C (2)

20-year

50,777

Total

212,777

(1)

L=Laboratory

(2)

C=Courthouse

We lease corporate office space under operating lease arrangements in Washington, D.C. and San Diego, CA. The leases include variable lease payments that, in the future, will vary based on changes in real estate tax rates, usage, or share of expenditures of the leased premises. We have elected not to separate lease and non-lease components for our corporate office leases.

As of December 31, 2024, the unamortized balances associated with our right-of-use operating lease asset and operating lease liability for our two commenced office leases was $2.3 million and $2.3 million, respectively. As of December 31, 2023, the unamortized balance associated with our right-of-use operating lease asset and operating lease liability for our two commenced office leases was $3.0 million and $3.0 million, respectively. Our right-of-use operating lease asset and operating lease liability were included in “Prepaid expenses and other assets” and “Accounts payable, accrued expenses and other liabilities” on the Consolidated Balance Sheets, respectively as of December 31, 2024, and 2023. We used our incremental borrowing rate, which was arrived at utilizing prevailing market rates and the spread on our revolving credit facility, in order to determine the net present value of the minimum lease payments.

The following table provides quantitative information for our commenced operating leases for the year ended December 31, 2024, 2023 and 2022 (amounts in thousands):


	Years Ended December 31,
	2024			2023			2022
Cash flows from operating lease costs	$	770		$	620		$	624

Other Information
Weighted average remaining lease term (in years)		3.88			4.67			5.62
Weighted average discount rate		3.32	%		3.19	%		3.15	%

In addition, the maturity of future minimum lease payments under our commenced corporate office leases as of December 31, 2024 is summarized in the table below (amounts in thousands):


Year ending December 31,	Payments due by period
2025		793
2026		661
2027		368
2028		385
2029		333
Thereafter		—
Total future minimum lease payments	$	2,540
Imputed interest		(233	)
Total	$	2,307