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Lease Agreements - Company as Lessee
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Lease Agreements - Company as Lessee Lease Agreements - Company as Lessee
As of December 31, 2024, the Company is a lessee of corporate office space, ground leases and a parking lease associated with various consolidated properties, and equipment. The Company has four office leases with lease expiration dates ranging from 2025 to 2026, and seven ground leases and the parking lease with lease expiration dates ranging from to 2027 to 2083. The corporate office leases occasionally contain renewal options of approximately five years while certain ground leases contain renewal options that can extend the lease term from approximately 10 to 39 years.

A majority of the Company’s ground leases and the parking lease are subject to changes in the Consumer Price Index (“CPI”). Furthermore, certain of the Company’s ground leases include rental payments based on a percentage of gross or net income. While lease liabilities are not remeasured as a result of changes in the CPI or percentage of gross or net income, such changes are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred.

The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants.

Operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

As of December 31, 2024 and 2023, the Company had no material finance leases.
Supplemental consolidated balance sheet information related to leases as of December 31, 2024 and 2023 was as follows ($ in thousands):
December 31,
20242023
Assets
     Operating lease right-of-use assets$51,556 $63,757 
          Total leased assets$51,556 $63,757 
Liabilities
     Operating lease liabilities$52,473 $65,091 
          Total lease liabilities$52,473 $65,091 

The components of lease expense for the years ended December 31, 2024, 2023 and 2022 were as follows ($ in thousands):
Year Ended December 31,
 202420232022
Operating lease cost$6,480 $6,789 $6,697 
Variable lease cost1,980 1,961 1,750 
Short-term lease cost183 186 204 
Sublease income(560)(500)(418)
          Total lease cost$8,083 $8,436 $8,233 

A maturity analysis of lease liabilities as of December 31, 2024 is as follows ($ in thousands):
Operating Leases
2025$6,408 
20264,556 
20272,942 
20282,623 
20292,609 
Thereafter105,932 
Total lease payments$125,070 
Less: Imputed interest(72,597)
Present value of lease liabilities$52,473 

Lease term and discount rate information for leases as of December 31, 2024 and 2023 was as follows:
December 31,
20242023
Weighted-average of remaining lease terms (years)
     Operating Leases4140
Weighted-average of discount rates
     Operating Leases5.04 %5.03 %
Practical Expedients

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.

The Company has elected to account for lease components (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance costs) as a single combined lease component as the lease components are the predominant elements of the combined components.