Lease Accounting (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021:

	Three Months Ended September 30,				Nine Months Ended September 30,
Classification	2022		2021		2022		2021
Fixed	$	66,956	$	71,357	$	200,965	$	213,929
Variable(1)(2)	11,318		10,996		33,784		40,641
Total	$	78,274	$	82,353	$	234,749	$	254,570

(1)    Primarily comprised of tenant reimbursements.

(2)    Variable income contains termination income of $238 and $14,105 for the nine months ended September 30, 2022 and 2021, respectively. The 2021 termination income is 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 September 30, 2022 were as follows:

Nine months ended September 30,	Total
2022 - remainder	$	64,707
2023	260,818
2024	233,959
2025	213,892
2026	193,909
2027	158,445
Thereafter	591,832
Total	$	1,717,562

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Nine Months Ended
	September 30, 2022		September 30, 2021
Weighted-average remaining lease term
Operating leases (years)	9.4		11.3
Weighted-average discount rate
Operating leases	4.0	%	4.1	%

Lease, Cost

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

Income Statement Classification	Fixed		Variable		Total
2022:
Property operating	$	2,657	$	—	$	2,657
General and administrative	1,144		81		1,225
Total	$	3,801	$	81	$	3,882
2021:
Property operating	$	2,734	$	2	$	2,736
General and administrative	1,037		24		1,061
Total	$	3,771	$	26	$	3,797

Lessee, Operating Lease, Liability, Maturity

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

	Operating Leases
2022 - remainder	$	1,198
2023	5,290
2024	5,199
2025	5,204
2026	4,174
2027	3,673
Thereafter	7,501
Total lease payments	$	32,239
Less: Imputed interest	(6,177)
Present value of operating lease liabilities	$	26,062