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Leases (Tables) | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Summary Of Operating Lease Income | The disaggregation of the Company’s lease income, which is included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the three and six months ended June 30, 2025 and 2024, was as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Lease income: |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease income (1) |  | $ | 413,727 |  |  | $ | 396,640 |  |  | $ | 829,898 |  |  | $ | 794,335 |
Variable lease income (2) |  |  | 105,829 |  |  |  | 100,006 |  |  |  | 218,816 |  |  |  | 198,287 |
Above-market and below-market leases amortization, net |  |  | 7,330 |  |  |  | 4,444 |  |  |  | 12,644 |  |  |  | 10,345 |
Adjustments for potentially uncollectible lease income or disputed amounts |  |  | (5,956 | ) |  |  | (4,869 | ) |  |  | (9,142 | ) |  |  | (7,841 | )
Total lease income |  | $ | 520,930 |  |  | $ | 496,221 |  |  | $ | 1,052,216 |  |  | $ | 995,126 |
(1) Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments. (2) Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.
Summary Of Weighted-average Remaining Non-cancelable Lease Term And Weighted-average Discount Rates | The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating leases as of June 30, 2025 were as follows:
|  | Operating Leases |
Weighted-average remaining lease term (in years) |  |  | 29.22 |
Weighted-average discount rate |  |  | 6.78 | %
The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Condensed Consolidated Statemen ts of Income for the three and six months ended June 30, 2025 and 2024, were as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost |  | $ | - |  |  | $ | 365 |  |  | $ | 43 |  |  | $ | 731 |
Operating lease cost |  |  | 3,600 |  |  |  | 3,843 |  |  |  | 7,041 |  |  |  | 7,714 |
Variable lease cost |  |  | 724 |  |  |  | 502 |  |  |  | 1,565 |  |  |  | 1,161 |
Total lease cost |  | $ | 4,324 |  |  | $ | 4,710 |  |  | $ | 8,649 |  |  | $ | 9,606 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A + Details
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