Leases

12 Months Ended

Dec. 31, 2024

Information as Lessor

We recognized rental and other revenues related to operating lease payments of $811.6 million, $819.9 million and $816.3 million, of which variable lease payments were $75.3 million, $72.9 million and $69.8 million, during the years ended December 31, 2024, 2023 and 2022, respectively. The following table sets forth the undiscounted cash flows for future minimum base rents to be received from customers for leases in effect as of December 31, 2024 for our consolidated properties:


2025	$	674,112
2026	652,377
2027	600,978
2028	526,898
2029	475,256
Thereafter	1,654,446
	$	4,584,067

Information as Lessee

We have office assets encompassing 1.2 million rentable square feet subject to operating ground leases in Nashville, Orlando, Raleigh and Tampa with a weighted average remaining term of 50 years. Rental payments on these leases are adjusted periodically based on either the CPI or on a pre-determined schedule. The monthly payments on a pre-determined schedule are recognized on a straight-line basis over the terms of the respective leases. Changes in the CPI are not estimated as part of our measurement of straight-line rental expense. We recognized $2.6 million of ground lease expense during each of the years ended December 31, 2024, 2023, and 2022, and we paid $2.5 million, $2.4 million and $2.4 million in cash during 2024, 2023 and 2022, respectively.

The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on operating ground leases as of December 31, 2024 and a reconciliation of those cash flows to the operating lease liability as of December 31, 2024:


2025	$	2,071
2026	2,121
2027	2,172
2028	2,226
2029	2,067
Thereafter	66,237
	76,894
Discount	(49,072)
Lease liability	$	27,822