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LEASES (Tables) | 9 Months Ended
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Sep. 30, 2025
LEASES |
Lessee - Future minimum lease payments and total operating lease liabilities | Future minimum lease payments and total operating lease liabilities from our ground leases as of September 30, 2025 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Ground Leases
2025 | ​ | $ | 3,112
2026 | ​ | ​ | 12,442
2027 | ​ | ​ | 12,442
2028 | ​ | ​ | 12,442
2029 | ​ | ​ | 12,442
Thereafter | ​ | ​ | 393,010
Total future minimum lease payments (undiscounted) | ​ | ​ | 445,890
Difference between future undiscounted cash flows and discounted cash flows | ​ | ​ | (266,394)
Total operating lease liabilities (discounted) | ​ | $ | 179,496
Lessee - Components of operating lease expenses | The components of operating lease expenses were as follows (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2022 | ​ | 2024
Lease expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contractual lease expense | ​ | $ | 3,458 | ​ | $ | 3,331 | ​ | $ | 10,184 | ​ | $ | 10,031
Variable lease expense (a) | ​ | ​ | 59 | ​ | ​ | 47 | ​ | ​ | 162 | ​ | ​ | 130
Total operating lease expense (b)(c) | ​ | $ | 3,517 | ​ | $ | 3,378 | ​ | $ | 10,346 | ​ | $ | 10,161
| (a) | Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of a community’s revenue.
| (b) | Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations.
| (c) | For the nine months ended September 30, 2025, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.8 million and $2.8 million, respectively. For the nine months ended September 30, 2024, Operating lease right-of-use assets and Operating lease liabilities amortized by $2.7 million and $2.7 million, respectively. Due to the net impact of the amortization, the Company recorded less than $0.1 million and less than $0.1 million of total operating lease expense during the three months ended September 30, 2025 and 2024, respectively, and $0.1 million and $0.1 million of total operating lease expense during the nine months ended September 30, 2025 and 2024, respectively.
Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of September 30, 2025 are as follows (dollars in thousands):
​ | ​ | ​ | ​
​ | ​ | Retail and Commercial Leases
2025 | ​ | $ | 6,616
2026 | ​ | ​ | 28,262
2027 | ​ | ​ | 26,018
2028 | ​ | ​ | 23,170
2029 | ​ | ​ | 18,825
Thereafter | ​ | ​ | 99,739
Total future minimum lease payments (a) | ​ | $ | 202,630
(a)We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

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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 undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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