Leases (Tables)
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9 Months Ended |
Sep. 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 September 30, |
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For the Nine Months Ended September 30, |
| Lease revenue |
2024 |
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2023 |
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2024 |
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2023 |
| Fixed |
$ |
129,357 |
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$ |
120,408 |
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$ |
382,918 |
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$ |
354,908 |
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| Variable |
41,192 |
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34,860 |
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118,683 |
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104,602 |
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$ |
170,549 |
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$ |
155,268 |
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$ |
501,601 |
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$ |
459,510 |
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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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September 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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$ |
40,523 |
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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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2,510 |
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2,565 |
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| Total right-of-use assets |
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$ |
43,033 |
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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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$ |
33,615 |
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$ |
33,931 |
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| Finance leases - Property |
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Other liabilities |
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397 |
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|
415 |
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| Total lease liabilities |
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$ |
34,012 |
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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 September 30, |
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For the Nine Months Ended September 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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$ |
1,929 |
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$ |
1,808 |
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$ |
5,687 |
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$ |
5,146 |
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| Property leases - variable |
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Property operating expenses |
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42 |
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17 |
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219 |
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50 |
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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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18 |
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56 |
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57 |
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| Interest on lease liabilities |
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Interest expense |
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9 |
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10 |
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28 |
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33 |
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$ |
1,999 |
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$ |
1,853 |
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$ |
5,990 |
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$ |
5,286 |
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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 Nine Months Ended September 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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$ |
5,232 |
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$ |
4,432 |
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| Operating cash flows for financing leases |
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$ |
28 |
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$ |
33 |
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| Financing cash flows for financing leases |
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$ |
18 |
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$ |
14 |
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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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September 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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$ |
1,746 |
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$ |
15 |
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| 2025 |
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2,589 |
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63 |
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| 2026 |
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2,001 |
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65 |
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| 2027 |
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2,016 |
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67 |
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| 2028 |
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2,032 |
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69 |
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| Thereafter |
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153,349 |
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297 |
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| Total lease payments |
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163,733 |
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576 |
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| Less: Amount representing interest |
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(130,118) |
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(179) |
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| Lease liability |
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$ |
33,615 |
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$ |
397 |
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(1)Represents the three 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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September 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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$ |
1,746 |
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$ |
15 |
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| 2025 |
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2,589 |
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63 |
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| 2026 |
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2,001 |
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65 |
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| 2027 |
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2,016 |
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67 |
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| 2028 |
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2,032 |
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69 |
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| Thereafter |
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153,349 |
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297 |
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| Total lease payments |
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163,733 |
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576 |
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| Less: Amount representing interest |
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(130,118) |
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(179) |
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| Lease liability |
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$ |
33,615 |
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$ |
397 |
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(1)Represents the three months ending December 31, 2024.
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