Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Operating Lease, Lease Income

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:

	Year ended December 31,
(in thousands)	2024			2023			2022
Operating lease income
Fixed and in-substance fixed lease income	$	1,035,225			928,364			851,409
Variable lease income		356,520			324,037			287,149
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		24,843			30,826			22,543
Uncollectible straight-line rent		(1,885	)		1,261			12,510
Uncollectible amounts billable in lease income		(3,324	)		(549	)		13,841
Total lease income	$	1,411,379			1,283,939			1,187,452

Lessor, Operating Lease, Payments to be Received, Maturity

Future minimum rental revenue under non-cancelable operating leases, excluding variable lease payments as of December 31, 2024, are as follows:

(in thousands)
For the year ending December 31,
2025	$	1,021,232
2026		942,040
2027		825,189
2028		676,595
2029		536,477
Thereafter		2,006,865
Total	$	6,008,398

Lessee, Operating Lease Costs, Description

Operating lease expense under the Company's ground and office leases were as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:

	Year ended December 31,
(in thousands)	2024		2023		2022
Fixed operating lease expense
Ground leases	$	15,420		14,727		13,759
Office leases		3,689		4,103		4,162
Total fixed operating lease expense		19,109		18,830		17,921
Variable lease expense
Ground leases		1,953		1,586		1,591
Office leases		592		729		611
Total variable lease expense		2,545		2,315		2,202
Total lease expense	$	21,654		21,145		20,123
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	16,212		15,823		14,656

Lessee, Operating Lease, Liability, Maturity

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2024, and provides a reconciliation to the Lease liabilities included in the accompanying Consolidated Balance Sheets:

(in thousands)	Lease Liabilities
For the years ending December 31,	Ground Leases			Office Leases			Total
2025	$	12,871			3,904			16,775
2026		12,793			3,947			16,740
2027		12,819			2,748			15,567
2028		12,960			1,899			14,859
2029		12,993			733			13,726
Thereafter		687,963			1,269			689,232
Total undiscounted lease liabilities	$	752,399			14,500			766,899
Present value discount		(520,621	)		(1,417	)		(522,038	)
Lease liabilities	$	231,778			13,083			244,861
Weighted average discount rate		5.5	%		4.1	%
Weighted average remaining term (in years)		48.7			4.3