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Operating Leases
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Operating Leases
The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for arrangements where the Company is the lessee as of December 31, 2022 and 2021:
As of December 31,
20222021
Weighted-average remaining lease term in years
Operating ground leases15.115.0
Operating office lease3.84.8
Weighted-average discount rate
Operating ground leases5.31 %4.97 %
Operating office lease6.04 %4.62 %
Future Minimum Rentals Receivable
The Company’s real estate investments are leased under operating leases with remaining terms ranging from one year to 27 years. The Company adopted Topic 842 on January 1, 2019 and elected to not reassess its prior conclusions about lease classification. Accordingly, these arrangements continue to be classified as operating leases.

The following table summarizes the future minimum rentals on the Company's lessor and sub-lessor arrangements at December 31, 2022 and 2021 (in thousands):
December 31, 2022December 31, 2021
Operating leasesSub-lessor operating ground leasesOperating leasesSub-lessor operating ground leases
 Amount (1) (2)Amount (1) (2)TotalAmount (1) (2)Amount (1) (2)Total
Year:Year:
2023$534,742 $24,795 $559,537 2022$487,344 $23,232 $510,576 
2024519,773 25,981 545,754 2023487,624 22,915 510,539 
2025513,408 26,118 539,526 2024485,383 22,415 507,798 
2026510,542 24,253 534,795 2025480,161 22,552 502,713 
2027480,005 23,493 503,498 2026477,702 20,687 498,389 
Thereafter3,485,821 220,365 3,706,186 Thereafter3,687,535 185,964 3,873,499 
Total $6,044,291 $345,005 $6,389,296 Total$6,105,749 $297,765 $6,403,514 
(1) Amounts presented above are based on contractual obligations and exclude the impact of COVID-19 deferred rent payments. As of December 31, 2022, receivables from tenants included fixed rent payments of approximately $2.1 million that were deferred due to the COVID-19 pandemic and determined to be collectible. The Company is currently scheduled to collect approximately $1.6 million in 2023 and $0.5 million in 2024.
(2) Included in rental revenue.
Lessee, Operating Leases [Text Block]
In addition to its lessor arrangements on its real estate investments, as of December 31, 2022 and 2021, the Company was lessee in 52 and 51 operating ground leases, respectively, as well as lessee in an operating lease of its executive office. The Company's tenants, who are generally sub-tenants under these ground leases, are responsible for paying the rent under these ground leases. As of December 31, 2022, rental revenue from several of the Company's tenants, who are also sub-tenants under the ground leases, is being recognized on a cash basis. In most cases, the ground lease sub-tenants have continued to pay the rent under these ground leases, however, two of these properties do not currently have sub-tenants. In the event the tenant fails to pay the ground lease rent or if the property does not have sub-tenants, the Company is primarily responsible for the payment, assuming the Company does not sell or re-tenant the property. As of December 31, 2022, the ground lease arrangements have remaining terms ranging from two years to 44 years. Most of these leases include one or more options to renew. The Company assesses these options using a threshold of reasonably certain, which also includes an assessment of the term of the Company's tenants' leases. For leases where renewal is reasonably certain, those option periods are included within the lease term and also the measurement of the operating lease right-of-use asset and liability. The ground lease arrangements do not contain any residual value guarantees or any material restrictions. As of December 31, 2022, the Company does not have any leases that have not commenced but that create significant rights and obligations.

The Company determines whether an arrangement is or includes a lease at contract inception. Operating lease right-of-use assets and liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. As the Company's leases do not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The incremental borrowing rate was adjusted for collateral based on the information available at adoption or the commencement date. Inputs to the calculation of the Company's incremental borrowing rate include its senior notes and their option adjusted credit spreads over comparable U.S. Treasury rates, adjusted to a collateralized basis by estimating the credit spread improvement that would result from an upgrade of one ratings classification.
The following table summarizes the future minimum lease payments under the ground lease obligations and the office lease at December 31, 2022 and 2021, excluding contingent rent due under leases where the ground lease payment, or a portion thereof, is based on the level of the tenant's sales (in thousands):
December 31, 2022December 31, 2021
 Ground Leases (1)Office lease (2)Ground Leases (1)Office lease (2)
Year:Year:
2023$26,317 $958 2022$24,753 $967 
202427,504 958 202324,440 967 
202527,622 958 202423,939 967 
202625,796 717 202524,058 967 
202724,235 — 202622,232 724 
Thereafter235,792 — Thereafter202,135 — 
Total lease payments$367,266 $3,591 $321,557 $4,592 
Less: imputed interest129,066 384 106,878 476 
Present value of lease liabilities$238,200 $3,207 $214,679 $4,116 
(1) Included in property operating expense.
(2) Included in general and administrative expense.

The following table summarizes the carrying amounts of the operating lease right-of-use assets and liabilities as of December 31, 2022 and 2021 (in thousands):
As of December 31,
Classification20222021
Assets:
Operating ground lease assetsOperating lease right-of-use assets$198,009 $176,984 
Office lease assetOperating lease right-of-use assets2,976 3,824 
Total operating lease right-of-use assets$200,985 $180,808 
Sub-lessor straight-line rent receivableAccounts receivable14,586 12,894 
Total leased assets$215,571 $193,702 
Liabilities:
Operating ground lease liabilitiesOperating lease liabilities$238,200 $214,679 
Office lease liabilityOperating lease liabilities3,207 4,116 
Total lease liabilities$241,407 $218,795 

The following table summarizes rental revenue, including sublease arrangements and lease costs, including impairment charges on operating lease right-of-use assets for the years ended December 31, 2022, 2021 and 2020 (in thousands):
Year ended December 31,
Classification202220212020
Rental revenue
Operating leases (1)Rental revenue$551,383 $457,063 $361,393 
Sublease income - operating ground leases (2)Rental revenue24,218 21,819 10,783 
Lease costs
Operating ground lease costProperty operating expense$25,167 $22,863 $24,386 
Operating office lease costGeneral and administrative expense904 905 905 
Operating lease right-of-use asset impairment charges (3)Impairment charges1,968 — 15,009 
(1) During the year ended December 31, 2020, the Company wrote-off straight-line rent receivables totaling $26.5 million, to straight-line rental revenue classified in rental revenue in the accompanying consolidated statements of income (loss) and comprehensive income (loss). Additionally, during the year ended December 31, 2020, the Company wrote-off lease receivables from tenants totaling $25.7 million, to minimum rent, tenant reimbursements and percentage rent classified in "Rental revenue" in the accompanying consolidated statements of income (loss) and comprehensive income (loss) related to tenants being recognized on a cash basis.

(2) During the year ended December 31, 2020, the Company wrote-off sub-lessor ground lease straight-line rent receivables totaling $11.5 million, to straight-line rental revenue classified in "Rental revenue" in the accompanying consolidated statements of income (loss) and comprehensive income (loss). Additionally, during the year ended December 31, 2020, the Company wrote-off sub-lessor ground lease receivables from tenants totaling $1.4 million to minimum rent classified in "Rental revenue" in the accompanying consolidated statements of income (loss) and comprehensive income (loss) related to tenants being recognized on a cash basis.

(3) During the years ended December 31, 2022 and 2020, the Company recognized impairment charges of $2.0 million and $15.0 million, respectively. See Note 4 for the details on these impairments.

The following table summarizes the weighted-average remaining lease term and the weighted-average discount rate for arrangements where the Company is the lessee as of December 31, 2022 and 2021:
As of December 31,
20222021
Weighted-average remaining lease term in years
Operating ground leases15.115.0
Operating office lease3.84.8
Weighted-average discount rate
Operating ground leases5.31 %4.97 %
Operating office lease6.04 %4.62 %