Leases (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Leases [Abstract] |
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| Schedule of lease revenue recognized between fixed and variable lease revenue |
The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
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For the Three Months Ended March 31, |
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| Lease revenue |
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2024 |
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2023 |
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| Fixed |
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$ |
126,198 |
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$ |
116,039 |
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| Variable |
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39,235 |
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34,521 |
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$ |
165,433 |
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$ |
150,560 |
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| Schedule of property right-of-use assets and lease liabilities |
Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
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| Leases |
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Balance Sheet Location |
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March 31,
2024 |
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December 31,
2023 |
| Right-of-use assets |
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| Operating leases - Property |
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Property - operating right-of-use assets |
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$ |
40,368 |
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$ |
41,296 |
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| Finance leases - Property |
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Prepaid expenses and other assets, net |
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2,547 |
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|
2,565 |
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| Total right-of-use assets |
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$ |
42,915 |
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$ |
43,861 |
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| Lease liabilities |
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| Operating leases - Property |
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Property - operating lease liabilities |
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$ |
33,141 |
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$ |
33,931 |
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| Finance leases - Property |
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Other liabilities |
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409 |
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415 |
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| Total lease liabilities |
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$ |
33,550 |
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$ |
34,346 |
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| Schedule of property lease costs and effect of property lease payments on consolidated statements of cash flows |
The table below presents our total property lease cost (in thousands):
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Statement of Operations Location |
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For the Three Months Ended March 31, |
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| Lease cost |
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2024 |
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2023 |
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| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
1,859 |
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$ |
1,535 |
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| Property leases - variable |
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Property operating expenses |
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34 |
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17 |
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| Finance lease cost |
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| Amortization of property right-of-use assets |
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Property operating expenses |
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19 |
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20 |
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| Interest on lease liabilities |
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Interest expense |
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9 |
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13 |
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$ |
1,921 |
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$ |
1,585 |
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The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
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For the Three Months Ended March 31, |
| Supplemental cash flow information |
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2024 |
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2023 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows for operating leases |
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$ |
1,724 |
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$ |
1,185 |
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| Operating cash flows for financing leases |
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$ |
9 |
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$ |
13 |
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| Financing cash flows for financing leases |
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$ |
6 |
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$ |
4 |
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| Schedule of payments due on property operating leases |
Payments on property leases were due as follows (in thousands):
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March 31, 2024 |
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| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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2024 (1) |
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$ |
5,099 |
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$ |
46 |
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| 2025 |
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2,403 |
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63 |
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| 2026 |
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1,815 |
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65 |
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| 2027 |
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1,830 |
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66 |
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| 2028 |
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1,847 |
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69 |
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| Thereafter |
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139,906 |
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297 |
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| Total lease payments |
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152,900 |
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606 |
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| Less: Amount representing interest |
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(119,759) |
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(197) |
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| Lease liability |
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$ |
33,141 |
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$ |
409 |
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(1)Represents the nine months ending December 31, 2024.
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| Schedule of payments due on property finance leases |
Payments on property leases were due as follows (in thousands):
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March 31, 2024 |
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| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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2024 (1) |
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$ |
5,099 |
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$ |
46 |
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| 2025 |
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2,403 |
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63 |
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| 2026 |
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1,815 |
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65 |
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| 2027 |
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1,830 |
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66 |
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| 2028 |
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1,847 |
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69 |
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| Thereafter |
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139,906 |
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297 |
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| Total lease payments |
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152,900 |
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|
606 |
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| Less: Amount representing interest |
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(119,759) |
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(197) |
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| Lease liability |
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$ |
33,141 |
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$ |
409 |
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(1)Represents the nine months ending December 31, 2024.
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