Lease Accounting (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023:

	Three Months Ended March 31,
Classification	2024		2023
Fixed	$	70,012	$	68,087
Sales-type lease income	1,899		1,833
Variable(1)	13,296		13,497
Total	$	85,207	$	83,417

(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, 2024 were as follows:

	Operating		Sales-Type
2024 - remainder	$	201,908	$	3,956
2025	259,993		5,473
2026	243,164		5,692
2027	206,865		5,920
2028	176,381		6,156
2029	152,138		6,403
Thereafter	432,562		726,604
Total	$	1,673,011	$	760,204
Difference between undiscounted cash flow and present value			(696,087)
Investment in a sales-type lease			$	64,117

Assets and Liabilities, Lessee

Supplemental information related to operating leases is as follows:

	Three Months Ended
	March 31, 2024		March 31, 2023
Weighted-average remaining lease term
Operating leases (years)	8.5		9.2
Weighted-average discount rate
Operating leases	4.0	%	4.0	%

Lease, Cost

The components of lease expense for the three months ended March 31, 2024 and 2023 were as follows:

Income Statement Classification	Fixed		Variable		Total
2024:
Property operating	$	878	$	15	$	893
General and administrative(1)	381		67		448
Total	$	1,259	$	82	$	1,341
2023:
Property operating	$	886	$	7	$	893
General and administrative	377		39		416
Total	$	1,263	$	46	$	1,309

(1) The general and administrative lease expense excludes a reduction of $42 to lease expense for the sublease of the Company's office space in New York, New York.

Lessee, Operating Lease, Liability, Maturity

The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2024:

	Operating Leases
2024 - remainder	$	3,732
2025	5,174
2026	4,144
2027	3,643
2028	1,031
2029	193
Thereafter	5,287
Total lease payments	$	23,204
Less: Imputed interest	(4,211)
Present value of lease liabilities	$	18,993