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Leases (Tables)
6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Rental Revenue

The components of rental revenue are as follows (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Fixed lease revenue

$

69,366

 

 

$

73,102

 

 

$

138,023

 

 

$

137,984

 

Variable lease revenue

 

16,260

 

 

 

15,039

 

 

 

33,640

 

 

 

30,894

 

Total rental revenue

$

85,626

 

 

$

88,141

 

 

$

171,663

 

 

$

168,878

 

Schedule of Future Minimum Rental Revenues

The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of June 30, 2024, are summarized as follows (in thousands):

 

 

 

 

 

Year Ending December 31,

 

Minimum Rental
Revenues
(a)

 

2024 (Remainder)

 

$

122,128

 

2025

 

 

247,728

 

2026

 

 

225,695

 

2027

 

 

201,243

 

2028

 

 

171,544

 

Thereafter

 

 

670,820

 

Total

 

$

1,639,158

 

 

Amount represents contractual lease maturities as of June 30, 2024 including any extension options that management determined were reasonably certain of exercise.
Schedule of Future Minimum Rental Payments for Operating and Capital Leases

 

 

Minimum Rental Payments

 

Year Ending December 31,

 

Operating Leases (a)

 

 

Finance
Leases
 (a)

 

2024 (Remainder)

 

$

2,723

 

 

$

2,046

 

2025

 

 

5,402

 

 

 

2,536

 

2026

 

 

5,247

 

 

 

1,264

 

2027

 

 

4,450

 

 

 

1,264

 

2028

 

 

4,236

 

 

 

1,310

 

Thereafter

 

 

15,967

 

 

 

154,017

 

 

 

 

38,025

 

 

 

162,437

 

Interest

 

 

(8,061

)

 

 

(129,788

)

Total

 

$

29,964

 

 

$

32,649

 

 

(a)
Minimum rental payments include $8.1 million of interest related to operating leases and $129.8 million related to finance leases and exclude options or renewals not reasonably certain of exercise.
Schedule of Lease Cost

Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Lease Cost

 

 

 

 

 

 

 

 

 

 

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

   Amortization of right-of-use assets

$

354

 

 

 

225

 

 

$

603

 

 

$

451

 

   Interest on lease liabilities

 

512

 

 

 

108

 

 

 

1,034

 

 

 

214

 

   Subtotal

 

866

 

 

 

333

 

 

 

1,637

 

 

 

665

 

Operating lease cost

 

1,303

 

 

 

1,328

 

 

 

2,635

 

 

 

2,664

 

Variable lease cost

 

69

 

 

 

73

 

 

 

144

 

 

 

144

 

Total lease cost

$

2,238

 

 

$

1,734

 

 

$

4,416

 

 

$

3,473

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Information

 

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term - finance leases (years)

 

 

 

 

 

 

 

58.1

 

 

 

31.6

 

Weighted-average remaining lease term - operating leases (years)

 

 

 

 

 

 

 

9.4

 

 

 

13.3

 

Weighted-average discount rate - finance leases

 

 

 

 

 

 

 

6.5

%

 

 

6.3

%

Weighted-average discount rate - operating leases

 

 

 

 

 

 

 

5.1

%

 

 

5.1

%