Leases (Tables)
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6 Months Ended |
Jun. 30, 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 June 30, |
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For the Six Months Ended June 30, |
| Lease revenue |
2024 |
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2023 |
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2024 |
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2023 |
| Fixed |
$ |
127,363 |
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$ |
118,461 |
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$ |
253,561 |
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$ |
234,500 |
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| Variable |
38,256 |
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|
35,221 |
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77,491 |
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|
69,742 |
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$ |
165,619 |
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$ |
153,682 |
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$ |
331,052 |
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$ |
304,242 |
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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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June 30,
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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$ |
40,899 |
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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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2,528 |
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|
2,565 |
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| Total right-of-use assets |
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$ |
43,427 |
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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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$ |
33,818 |
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$ |
33,931 |
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| Finance leases - Property |
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Other liabilities |
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403 |
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|
415 |
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| Total lease liabilities |
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$ |
34,221 |
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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 June 30, |
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For the Six Months Ended June 30, |
| Lease cost |
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2024 |
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2023 |
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2024 |
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2023 |
| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
1,899 |
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$ |
1,803 |
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$ |
3,758 |
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$ |
3,338 |
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| Property leases - variable |
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Property operating expenses |
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143 |
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16 |
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|
177 |
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|
33 |
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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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18 |
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19 |
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37 |
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39 |
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| Interest on lease liabilities |
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Interest expense |
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10 |
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10 |
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19 |
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23 |
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$ |
2,070 |
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$ |
1,848 |
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$ |
3,991 |
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$ |
3,433 |
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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 Six Months Ended June 30, |
| 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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$ |
3,476 |
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$ |
2,806 |
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| Operating cash flows for financing leases |
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$ |
19 |
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$ |
23 |
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| Financing cash flows for financing leases |
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$ |
12 |
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$ |
9 |
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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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June 30, 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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$ |
3,462 |
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$ |
30 |
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| 2025 |
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2,528 |
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63 |
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| 2026 |
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1,940 |
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65 |
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| 2027 |
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1,955 |
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67 |
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| 2028 |
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1,971 |
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69 |
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| Thereafter |
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149,013 |
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297 |
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| Total lease payments |
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160,869 |
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591 |
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| Less: Amount representing interest |
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(127,051) |
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(188) |
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| Lease liability |
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$ |
33,818 |
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$ |
403 |
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(1)Represents the six 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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June 30, 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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$ |
3,462 |
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$ |
30 |
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| 2025 |
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2,528 |
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63 |
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| 2026 |
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1,940 |
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65 |
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| 2027 |
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1,955 |
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67 |
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| 2028 |
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1,971 |
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69 |
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| Thereafter |
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149,013 |
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|
297 |
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| Total lease payments |
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160,869 |
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|
591 |
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| Less: Amount representing interest |
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(127,051) |
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(188) |
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| Lease liability |
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$ |
33,818 |
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$ |
403 |
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(1)Represents the six months ending December 31, 2024.
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