LEASES (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Current Minimum Future Rentals Under the Leases

As of March 31, 2024, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands):

 

2024 (nine months ending December 31, 2024)	$	187,854
2025	244,091
2026	229,790
2027	201,651
2028	158,207
Thereafter	246,380
Total	$	1,267,973

Schedule of Current Minimum Annual Payments Under the Leases

As of March 31, 2024, current annual payments under the operating leases are as follows for the years ended December 31 (in thousands): 

2024 (nine months ending December 31, 2024)	$	2,584
2025	3,531
2026	3,584
2027	3,584
2028	3,584
Thereafter	8,959
Total lease payments	25,826
Imputed interest	(3,205)
Present value of lease liability	$	22,621

Schedule of Lease Costs Under Operating Leases and Supplemental Cash Flow Information of Leases

Lease costs under the operating leases are as follows (in thousands):    

	Three Months Ended March 31,
	2024			2023
Operating lease cost	$	970		$	927
Sublease income	(859)			(1,003)
Total lease cost (income)	$	111		$	(76)
Weighted-average remaining lease term - operating leases (in years)	7.3
Weighted-average discount rate - operating leases	3.19		%

Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):

	Three Months Ended March 31,
	2024		2023
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	844	$	820