Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Operating Lease, Lease Income

The following table presents the Company’s classification of rental revenue for its operating and sales-type leases for the years ended December 31, 2023, 2022 and 2021:

	Years Ended December 31,
Classification	2023		2022		2021
Fixed	$	275,186	$	267,644	$	287,552
Sales-type lease income	7,427		1,936		—
Variable(1)(2)	51,607		44,412		52,392
Total	$	334,220	$	313,992	$	339,944

(1)    Primarily comprised of tenant reimbursements.

(2)    Variable lease payments include termination revenue of $238 and $15,371 for the years ending December 31, 2022 and 2021, respectively. The Company did not recognize any termination revenue during the year ended December 31, 2023.

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 December 31, 2023 were as follows:

Year ending December 31,	Operating		Sales-Type
2024	$	264,322	$	5,263
2025	254,347		5,473
2026	237,312		5,692
2027	201,098		5,920
2028	170,950		6,156
Thereafter	572,643		733,006
Total	$	1,700,672	$	761,510
Difference between undiscounted cash flow and present value			(697,985)
Investment in a sales-type lease			$	63,525

Lease, Cost

Supplemental information related to operating leases is as follows:

	Years Ended December 31,
	2023		2022
Weighted-average remaining lease term
Operating leases (years)	8.7		9.4
Weighted-average discount rate
Operating leases	4.0	%	4.0	%

The components of lease expense for the years ended December 31, 2023, 2022 and 2021 were as follows:

Income Statement Classification	Fixed		Variable		Total
2023:
Property operating	$	3,539	$	7	$	3,546
General and administrative	1,521		280		1,801
Total	$	5,060	$	287	$	5,347
2022:
Property operating	$	3,543	$	—	$	3,543
General and administrative	1,520		122		1,642
Total	$	5,063	$	122	$	5,185
2021:
Property operating	$	3,645	$	3	$	3,648
General and administrative	1,380		70		1,450
Total	$	5,025	$	73	$	5,098

Lessee, Operating Lease, Liability, Maturity

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

Year ending December 31,	Operating Leases
2024	$	5,169
2025	5,174
2026	4,144
2027	3,643
2028	1,031
Thereafter	5,479
Total lease payments	24,640
Less: Imputed interest	(4,407)
Present value of lease liabilities	$	20,233