Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary Of Operating Lease Income

The disaggregation of the Company’s lease income, which is included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the three and six months ended June 30, 2024 and 2023, were as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Lease income:
Fixed lease income (1)	$	396,640		$	349,323		$	794,335		$	697,661
Variable lease income (2)		100,006			86,258			198,287			176,329
Above-market and below-market leases amortization, net		4,444			7,013			10,345			10,002
Adjustments for potentially uncollectible revenues and    disputed amounts (3)		(4,869	)		(3,586	)		(7,841	)		(6,646	)
Total lease income	$	496,221		$	439,008		$	995,126		$	877,346

(1)Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.

(2)Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.

(3)The amounts represent adjustments associated with potentially uncollectible revenues and disputed amounts.

Summary Of Weighted-average Remaining Non-cancelable Lease Term And Weighted-average Discount Rates

The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of June 30, 2024 were as follows:

	Operating Leases			Finance Leases
Weighted-average remaining lease term (in years)		30.26			0.50
Weighted-average discount rate		6.78	%		6.00	%

The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Condensed Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023, were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Lease cost:
Finance lease cost	$	365	$	316	$	731	$	635
Operating lease cost		3,843		3,697		7,714		7,398
Variable lease cost		502		706		1,161		1,267
Total lease cost	$	4,710	$	4,719	$	9,606	$	9,300