Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Operating Lease, Lease Income

The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2023 and 2022:

	Three Months Ended March 31,
Classification	2023		2022
Fixed	$	68,087	$	66,982
Sales-type lease income	1,833		—
Variable(1)	13,497		11,554
Total	$	83,417	$	78,536

(1)    Primarily comprised of tenant reimbursements.

Lessor, Operating Lease, Payments to be Received, Maturity

Future fixed rental receipts for operating and sales-type leases, assuming no new or re-negotiated leases as of March 31, 2023 were as follows:

	Operating		Sales-Type
2023 - remainder	$	199,952	$	3,921
2024	251,668		5,263
2025	234,021		5,473
2026	214,776		5,692
2027	178,082		5,920
2028	147,815		6,156
Thereafter	500,439		733,006
Total	$	1,726,753	$	765,431
Difference between undiscounted cash flow and present value			(703,579)
Investment in a sales-type lease			$	61,852

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2023		March 31, 2022
Weighted-average remaining lease term
Operating leases (years)	9.2		9.5
Weighted-average discount rate
Operating leases	4.0	%	4.0	%

Lease, Cost

The components of lease expense for the three months ended March 31, 2023 and 2022 were as follows:

Income Statement Classification	Fixed		Variable		Total
2023:
Property operating	$	886	$	7	$	893
General and administrative	377		39		416
Total	$	1,263	$	46	$	1,309
2022:
Property operating	$	886	$	—	$	886
General and administrative	377		35		412
Total	$	1,263	$	35	$	1,298

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2023:

	Operating Leases
2023 - remainder	$	3,914
2024	5,199
2025	5,204
2026	4,174
2027	3,673
2028	1,061
Thereafter	6,440
Total lease payments	$	29,665
Less: Imputed interest	(5,680)
Present value of lease liabilities	$	23,985