Leases (Tables)
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3 Months Ended |
Mar. 31, 2025 |
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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 |
2025 |
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2024 |
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| Fixed |
$ |
131,691 |
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$ |
126,198 |
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| Variable |
43,617 |
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39,235 |
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$ |
175,308 |
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$ |
165,433 |
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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,
2025 |
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December 31,
2024 |
| Right-of-use assets |
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| Operating leases - Property |
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Property - operating lease right-of-use assets |
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$ |
54,374 |
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$ |
55,760 |
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| Finance leases - Property |
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Prepaid expenses and other assets, net |
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2,473 |
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2,491 |
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| Total right-of-use assets |
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$ |
56,847 |
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$ |
58,251 |
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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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$ |
48,216 |
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$ |
49,240 |
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| Finance leases - Property |
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Other liabilities |
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384 |
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391 |
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| Total lease liabilities |
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$ |
48,600 |
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$ |
49,631 |
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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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2025 |
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2024 |
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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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$ |
2,266 |
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$ |
1,859 |
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| Property leases - variable |
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Property operating expenses |
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27 |
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34 |
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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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19 |
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| Interest on lease liabilities |
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Interest expense |
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9 |
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9 |
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$ |
2,321 |
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$ |
1,921 |
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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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2025 |
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2024 |
| 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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$ |
1,903 |
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$ |
1,724 |
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| Operating cash flows for finance leases |
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$ |
9 |
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$ |
9 |
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| Financing cash flows for finance leases |
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$ |
7 |
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$ |
6 |
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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, 2025 |
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| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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2025 (1) |
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$ |
6,011 |
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$ |
47 |
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| 2026 |
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8,192 |
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65 |
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| 2027 |
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8,392 |
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67 |
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| 2028 |
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2,812 |
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69 |
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| 2029 |
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2,068 |
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71 |
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| Thereafter |
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152,110 |
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226 |
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| Total lease payments |
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179,585 |
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545 |
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| Less: Amount representing interest |
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(131,369) |
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(161) |
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| Lease liability |
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$ |
48,216 |
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$ |
384 |
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(1)Represents the nine months ending December 31, 2025.
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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, 2025 |
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| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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2025 (1) |
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$ |
6,011 |
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$ |
47 |
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| 2026 |
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8,192 |
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65 |
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| 2027 |
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8,392 |
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67 |
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| 2028 |
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2,812 |
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69 |
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| 2029 |
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2,068 |
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71 |
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| Thereafter |
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152,110 |
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226 |
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| Total lease payments |
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179,585 |
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545 |
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| Less: Amount representing interest |
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(131,369) |
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(161) |
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| Lease liability |
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$ |
48,216 |
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$ |
384 |
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(1)Represents the nine months ending December 31, 2025.
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