Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Operating Lease, Lease Income

The following table provides a disaggregation of lease income recognized as either fixed or variable lease income based on the criteria specified in Topic 842:

(in thousands)	December 31, 2023			December 31, 2022		December 31, 2021
Operating lease income
Fixed and in-substance fixed lease income	$	928,364			851,409		797,502
Variable lease income		324,037			287,149		262,619
Other lease related income, net:
Above/below market rent and tenant rent inducement amortization, net		30,826			22,543		24,539
Uncollectible straight-line rent		1,261			12,510		5,227
Uncollectible amounts billable in lease income		(549	)		13,841		23,481
Total lease income	$	1,283,939			1,187,452		1,113,368

Lessor, Operating Lease, Payments to be Received, Maturity

Future minimum rents under non-cancelable operating leases, excluding variable lease payments, are as follows:

(in thousands)
For the year ended December 31,	December 31, 2023
2024	$	972,980
2025		872,330
2026		757,633
2027		633,290
2028		480,640
Thereafter		1,740,783
Total	$	5,457,656

Lessee, Operating Lease Costs, Description

Operating lease expense under the Company's ground and office leases were as follows, including straight-line rent expense and variable lease expenses such as CPI increases, percentage rent and reimbursements of landlord costs:

(in thousands)	December 31, 2023		December 31, 2022		December 31, 2021
Fixed operating lease expense
Ground leases	$	14,727		13,759		13,862
Office leases		4,103		4,162		4,309
Total fixed operating lease expense		18,830		17,921		18,171
Variable lease expense
Ground leases		1,586		1,591		1,032
Office leases		729		611		615
Total variable lease expense		2,315		2,202		1,647
Total lease expense	$	21,145		20,123		19,818
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows for operating leases	$	15,823		14,656		15,165

Lessee, Operating Lease, Liability, Maturity

The following table summarizes the undiscounted future cash flows by year attributable to the operating lease liabilities for ground and office leases as of December 31, 2023, and provides a reconciliation to the Lease liability included in the accompanying Consolidated Balance Sheets:

(in thousands)	Lease Liabilities
For the year ended December 31,	Ground Leases			Office Leases			Total
2024	$	12,955			3,082			16,037
2025		12,962			3,464			16,426
2026		12,883			3,331			16,214
2027		12,909			2,151			15,060
2028		13,051			1,305			14,356
Thereafter		702,602			312			702,914
Total undiscounted lease liabilities	$	767,362			13,645			781,007
Present value discount		(533,777	)		(1,167	)		(534,944	)
Lease liabilities	$	233,585			12,478			246,063
Weighted average discount rate		5.5	%		3.7	%
Weighted average remaining term (in years)		49.4			4.1