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Lease Accounting (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Operating Lease, Lease Income The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
Classification 2024202320242023
Fixed$69,748 $69,049 $139,760 $137,136 
Sales-type lease income1,917 1,848 3,816 3,681 
Variable(1)
13,103 14,168 26,399 27,665 
Total$84,768 $85,065 $169,975 $168,482 
(1) Primarily comprised of tenant reimbursements.
Lessor, Operating Lease, Payments to be Received, Maturity
Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of June 30, 2024 were as follows:
OperatingSales-Type
2024 - remainder$136,494 $2,648 
2025270,138 5,473 
2026255,230 5,692 
2027220,623 5,920 
2028186,951 6,156 
2029160,456 6,403 
Thereafter447,527 726,604 
Total$1,677,419 $758,896 
Difference between undiscounted cash flow and present value(694,169)
Investment in a sales-type lease$64,727 
Assets and Liabilities, Lessee
Supplemental information related to operating leases is as follows:
Six Months Ended
June 30, 2024June 30, 2023
Weighted-average remaining lease term
Operating leases (years)8.69.2
Weighted-average discount rate
Operating leases4.1 %4.1 %
Lease, Cost
The components of lease expense for the six months ended June 30, 2024 and 2023 were as follows:
Income Statement Classification FixedVariableTotal
2024:
Property operating$1,756 $15 $1,771 
General and administrative(1)
788 124 912 
Total$2,544 $139 $2,683 
2023:
Property operating$1,771 $7 $1,778 
General and administrative767 151 918 
Total$2,538 $158 $2,696 
(1) The general and administrative lease expense excludes a reduction of $267 to lease expense for the sublease of the Company's office space in
New York, New York.
Lessee, Operating Lease, Liability, Maturity
The following table shows the Company's maturity analysis of its operating lease liabilities as of June 30, 2024:
Operating Leases
2024 - remainder$2,489 
20255,174 
20264,144 
20273,643 
20281,031 
2029193 
Thereafter5,287 
Total lease payments$21,961 
Less: Imputed interest(4,026)
Present value of lease liabilities$17,935