Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of rental revenue

The components of rental revenue are as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Fixed lease revenue	$	269,648	$	258,472	$	227,608
Variable lease revenue		63,396		59,342		58,290
Total rental revenue	$	333,044	$	317,814	$	285,898

Schedule of future minimum rental revenues

The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of December 31, 2023, are summarized as follows (in thousands):

	Minimum Rental Revenues (a)
2024	$	249,135
2025		233,786
2026		208,935
2027		184,039
2028		153,941
Thereafter		668,128
		1,697,964
Interest		—
Total	$	1,697,964

Amount represents contractual lease maturities at December 31, 2023, including any extension options that management determined were reasonably certain of exercise, and excluding any amounts related to reimbursements of operating expenses.

Schedule of future minimum rental payments for Operating and Capital Leases

The scheduled future minimum rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land, and equipment, as of December 31, 2023, are summarized as follows (in thousands):

	Minimum Rental Payments
	Operating Leases (a)			Finance Leases (a)
2024	$	5,414		$	3,925
2025		5,329			1,780
2026		5,173			1,264
2027		4,373			1,264
2028		4,157			1,310
Thereafter		15,911			154,018
		40,357			163,561
Interest		(8,777	)		(130,822	)
Total	$	31,580		$	32,739

(a)Minimum rental payments include $8.8 million of interest related to operating leases and $130.8 million related to finance leases and exclude options or renewals not reasonably certain of exercise.

Schedule of Lease Cost

Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands):

	Year Ended December 31,
	2023			2022			2021
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	1,244		$	903		$	903
Interest on lease liabilities		1,239			410			388
Subtotal		2,483			1,313			1,291
Operating lease cost		5,291			5,338			7,184
Variable lease cost		228			80			84
Total lease cost	$	8,002		$	6,731		$	8,559
Cash Paid
Payments of operating lease obligations - operating activities	$	5,386		$	5,364		$	7,223
Payments of interest on finance lease obligations - operating activities		1,239			410			388
Payments of finance lease obligations - financing activities		100			—			63
	As of December 31,
	2023			2022
Other Information
Weighted-average remaining lease term - finance leases (years)		58.3			31.9
Weighted-average remaining lease term - operating leases (years)		9.7			13.5
Weighted-average discount rate - finance leases		6.5	%		6.3	%
Weighted-average discount rate - operating leases		5.1	%		5.1	%