Lease Accounting (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Operating Lease, Lease Income

The following table presents the Company’s classification of rental revenue for its operating leases for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended				Six Months Ended
Classification	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Fixed	$	67,015	$	70,630	$	133,997	$	142,572
Variable(1)(2)	10,924		9,942		22,478		29,645
Total	$	77,939	$	80,572	$	156,475	$	172,217

(1)    Primarily comprised of tenant reimbursements.

(2)    Variable income contains termination income of $11,827 for the six months ended June 30, 2021. No termination fee revenue was recognized during the six months ended June 30, 2022. The 2021 termination fee income primarily related to a tenant that terminated its lease at the Company's Durham, New Hampshire industrial property.

Lessor, Operating Lease, Payments to be Received, Maturity

Future fixed rental receipts for operating leases, assuming no new or re-negotiated leases as of June 30, 2022 were as follows:

Six months ended June 30,	Total
2022 - remainder	$	129,436
2023	260,344
2024	233,138
2025	213,063
2026	194,619
2027	160,120
Thereafter	607,377
Total	$	1,798,097

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Six Months Ended
	June 30, 2022		June 30, 2021
Weighted-average remaining lease term
Operating leases (years)	9.5		11.3
Weighted-average discount rate
Operating leases	4.0	%	4.1	%

Lease, Cost

The components of lease expense for the six months ended June 30, 2022 and 2021 were as follows:

Income Statement Classification	Fixed		Variable		Total
2022:
Property operating	$	1,771	$	—	$	1,771
General and administrative	767		42		809
Total	$	2,538	$	42	$	2,580
2021:
Property operating	$	1,824	$	—	$	1,824
General and administrative	673		22		695
Total	$	2,497	$	22	$	2,519

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of June 30, 2022:

	Operating Leases
2022 - remainder	$	2,381
2023	5,290
2024	5,199
2025	5,204
2026	4,174
2027	3,673
Thereafter	7,501
Total lease payments	$	33,422
Less: Imputed interest	(6,439)
Present value of operating lease liabilities	$	26,983