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Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases [Abstract]  
Schedule of Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases
Scheduled future minimum base rental payments due to be received under the remaining non-cancelable term of the operating leases in place as of September 30, 2023 were as follows:
(in thousands)
Future Minimum Base Rental Receipts
October 1 - December 31, 2023$85,591 
2024344,414 
2025345,471 
2026348,653 
2027349,646 
Thereafter
3,999,255 
Total$5,473,030 
Schedule of Components of Fixed and Variable Lease Revenues
The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
Contingent rent$198 $210 $518 $526 
The Company recorded the following adjustments as increases or decreases to rental revenue for tenant credit during the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
Adjustment to increase (decrease) rental revenue for tenant credit$32 $36 $(501)$451 
The fixed and variable components of lease revenues for the three and nine months ended September 30, 2023 and 2022 were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
Fixed lease revenues$86,663 $67,628 $246,072 $198,615 
Variable lease revenues (1)
980 705 2,566 1,988 
Total lease revenues (2)
$87,643 $68,333 $248,638 $200,603 
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(1)Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants.
(2)Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.
Schedule of Information Related to Measurement of Lease Liabilities The following table sets forth information related to the measurement of the Company’s lease liabilities as of the dates presented:
September 30, 2023December 31, 2022
Weighted average remaining lease term (in years)24.022.9
Weighted average discount rate6.22%6.09%
Schedule of Rent Expense
The following table sets forth the details of rent expense for the three and nine months ended September 30, 2023 and 2022:
Three months ended September 30,Nine months ended September 30,
(in thousands)2023202220232022
Fixed rent expense - ground leases$235 $245 $728 $725 
Fixed rent expense - office and equipment leases127 128 383 384 
Total rent expense$362 $373 $1,111 $1,109 
Schedule of Future Lease Payments due from Company under Ground, Office and Equipment Operating Leases (ASC 842) As of September 30, 2023, future lease payments due from the Company under the ground, office and equipment operating leases where the Company is directly responsible for payment and the future lease payments
due under the ground operating leases where the Company’s tenants are directly responsible for payment over the next five years and thereafter were as follows:
(in thousands)Office and Equipment LeasesGround Leases to be Paid by the CompanyGround Leases to be Paid Directly by the Company’s TenantsTotal Future Minimum Base Rental Payments
October 1 - December 31, 2023$131 $19 $198 $348 
2024531 28 782 1,341 
2025538 — 706 1,244 
2026— — 711 711 
2027— — 724 724 
Thereafter— — 16,263 16,263 
Total$1,200 $47 $19,384 20,631 
Present value discount(12,517)
Lease liabilities$8,114