Lease Accounting (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,				Nine Months Ended September 30,
Classification	2023		2022		2023		2022
Fixed	$	68,849	$	66,597	$	205,984	$	200,326
Sales-type lease income	1,865		359		5,546		639
Variable(1)	13,130		11,318		40,796		33,784
Total	$	83,844	$	78,274	$	252,326	$	234,749

(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 September 30, 2023 were as follows:

	Operating		Sales-Type
2023 - remainder	$	66,047	$	1,307
2024	253,391		5,263
2025	235,340		5,473
2026	216,334		5,692
2027	180,019		5,920
2028	149,755		6,156
Thereafter	500,883		733,006
Total	$	1,601,769	$	762,817
Difference between undiscounted cash flow and present value			(699,866)
Investment in a sales-type lease			$	62,951

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Nine Months Ended
	September 30, 2023		September 30, 2022
Weighted-average remaining lease term
Operating leases (years)	9.3		9.4
Weighted-average discount rate
Operating leases	4.1	%	4.0	%

Lease, Cost

The components of lease expense for the nine months ended September 30, 2023 and 2022 were as follows:

Income Statement Classification	Fixed		Variable		Total
2023:
Property operating	$	2,657	$	7	$	2,664
General and administrative	1,144		215		1,359
Total	$	3,801	$	222	$	4,023
2022:
Property operating	$	2,657	$	—	$	2,657
General and administrative	1,144		81		1,225
Total	$	3,801	$	81	$	3,882

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of September 30, 2023:

	Operating Leases
2023 - remainder	$	1,257
2024	5,199
2025	5,204
2026	4,174
2027	3,673
2028	1,061
Thereafter	6,440
Total lease payments	27,008
Less: Imputed interest	(5,224)
Present value of lease liabilities	21,784
Less: Held for Sale	(515)
Present value of lease liabilities, excluding held for sale	$	21,269