Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of lease revenue recognized between fixed and variable lease revenue

The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):

	For the Three Months Ended March 31,
Lease revenue	2024		2023
Fixed	$	126,198	$	116,039
Variable	39,235		34,521
	$	165,433	$	150,560

Schedule of property right-of-use assets and lease liabilities

Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):

Leases	Balance Sheet Location	March 31, 2024		December 31, 2023
Right-of-use assets
Operating leases - Property	Property - operating right-of-use assets	$	40,368	$	41,296
Finance leases - Property	Prepaid expenses and other assets, net	2,547		2,565
Total right-of-use assets		$	42,915	$	43,861
Lease liabilities
Operating leases - Property	Property - operating lease liabilities	$	33,141	$	33,931
Finance leases - Property	Other liabilities	409		415
Total lease liabilities		$	33,550	$	34,346

Schedule of property lease costs and effect of property lease payments on consolidated statements of cash flows

The table below presents our total property lease cost (in thousands):

	Statement of Operations Location	For the Three Months Ended March 31,
Lease cost		2024		2023
Operating lease cost
Property leases - fixed	Property operating expenses	$	1,859	$	1,535
Property leases - variable	Property operating expenses	34		17
Finance lease cost
Amortization of property right-of-use assets	Property operating expenses	19		20
Interest on lease liabilities	Interest expense	9		13
		$	1,921	$	1,585

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

	For the Three Months Ended March 31,
Supplemental cash flow information	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,724	$	1,185
Operating cash flows for financing leases	$	9	$	13
Financing cash flows for financing leases	$	6	$	4

Schedule of payments due on property operating leases

Payments on property leases were due as follows (in thousands):

	March 31, 2024
Year Ending December 31,	Operating Leases		Finance Leases
2024 (1)	$	5,099	$	46
2025	2,403		63
2026	1,815		65
2027	1,830		66
2028	1,847		69
Thereafter	139,906		297
Total lease payments	152,900		606
Less: Amount representing interest	(119,759)		(197)
Lease liability	$	33,141	$	409

(1)Represents the nine months ending December 31, 2024.

Schedule of payments due on property finance leases

Payments on property leases were due as follows (in thousands):

	March 31, 2024
Year Ending December 31,	Operating Leases		Finance Leases
2024 (1)	$	5,099	$	46
2025	2,403		63
2026	1,815		65
2027	1,830		66
2028	1,847		69
Thereafter	139,906		297
Total lease payments	152,900		606
Less: Amount representing interest	(119,759)		(197)
Lease liability	$	33,141	$	409

(1)Represents the nine months ending December 31, 2024.