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Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases of Lessor Disclosure [Text Block] | 4. Leases Lessor Operating Leases The following table summarizes the components of lease revenue recognized during the years ended December 31, 2025, 2024 and 2023 included within the Company's Consolidated Statements of Operations (in thousands):
|  | Year ended December 31,
Lease Revenue |  | 2025 |  | 2024 |  | 2023
Fixed contractual payments |  | $ | 2,644,155 |  |  | $ | 2,605,272 |  |  | $ | 2,503,106 |
Variable lease payments |  | 590,743 |  |  | 570,541 |  |  | 550,641 |
Sales-type lease |  | 1,109 |  |  | 992 |  |  | 926 |
|  | $ | 3,236,007 |  |  | $ | 3,176,805 |  |  | $ | 3,054,673 |
The future contractual lease payments to be received (excluding operating expense reimbursements and percentage rent) by the Company as of December 31, 2025, under non-cancelable operating leases which expire on various dates through 2050 (in thousands):
Years Ending December 31, |
2026 | $ | 2,543,021 |
2027 | 2,626,022 |
2028 | 2,565,897 |
2029 | 2,426,161 |
2030 | 2,299,682 |
Thereafter | 14,485,854 |
No single tenant represented more than 10.0% of the Company’s total lease revenue for any of the years ended December 31, 2025, 2024 and 2023. Sales-type Lease For the years ended December 31, 2025, 2024 and 2023, the Company had one non-cancelable ground lease obligation, as lessor, that is classified as a sales-type lease with an expiration date in 2119. The Company recognized approximately $1.0 million, $1.0 million and $0.9 million of interest income that is recorded in lease revenue on its Consolidated Statement of Operations for the year ended December 31, 2025, 2024 and 2023, respectively. The following table provides the future contractual payments to be received as of December 31, 2025 (in thousands):
| December 31, 2025
2026 | $ | 367 |
2027 | 755 |
2028 | 775 |
2029 | 795 |
2030 | 815 |
Thereafter | 265,865 |
Total lease payments to be received | 269,372 |
Less: |
Interest portion | 253,443 |
Sales-type lease receivable | 15,929 |
Unguaranteed residual asset | 24 |
Current expected credit loss adjustment | (281) |
Sales-type lease receivable, net | $ | 15,672 |
The following table provides the future contractual payments to be received as of December 31, 2024 (in thousands):
| December 31, 2024
2025 | $ | 124 |
2026 | 321 |
2027 | 754 |
2028 | 775 |
2029 | 793 |
Thereafter | 266,745 |
Total lease payments to be received | 269,512 |
Less: |
Interest portion | 254,589 |
Sales-type lease receivable | 14,923 |
Unguaranteed residual asset | 19 |
Current expected credit loss adjustment | (285) |
Sales-type lease receivable, net | $ | 14,657 |
Lessee, Operating Leases | Lessee The following table provides lease cost information for the Company’s operating and finance leases for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|  | Year ended December 31,
Lease costs |  | 2025 |  | 2024 |  | 2023
Operating lease costs (1) |  | $ | 14,620 |  |  | $ | 14,583 |  |  | $ | 14,451 |
Finance lease costs |  |  |  |  |  |
Amortization of right of use asset (2) |  | $ | 2,937 |  |  | $ | 3,093 |  |  | $ | 2,821 |
Interest on lease liabilities (3) |  | $ | 21,849 |  |  | $ | 13,374 |  |  | $ | 13,747 |
_______________ (1)One of the operating leases relates to an asset that was in development for the year ended December 31, 2025, and predevelopment for the year ended December 31, 2024 and a portion of the year ended December 31, 2023. As such, the operating lease costs were capitalized. (2)The finance leases relate to either land, buildings or assets that are/were in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy. (3)One of the finance leases relates to an asset under development for a portion of the year ended December 31, 2023. As such, a portion of the interest amount was capitalized. There were no finance leases related to assets under development for the years ended December 31, 2024 and 2025. The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2025 and December 31, 2024:
Other information |  | December 31, 2025 |  | December 31, 2024
Operating Leases (1) |  |  |  |
Number of cancelable leases |  | — |  |  | 1
Number of non-cancelable leases |  | 6 |  | 5
Longest lease expiration date |  | 7/1/2125 |  | 7/1/2125
Weighted-average remaining lease term (in years) |  | 71 |  | 72
Weighted-average discount rate |  | 6.6 | % |  | 6.5 | %
Finance Leases |  |  |  |
Number of cancelable leases |  | — |  |  | — |
Number of non-cancelable leases |  | 5 |  | 5
Longest lease expiration date |  | 11/1/2094 |  | 11/1/2094
Weighted-average remaining lease term (in years) |  | 61 |  | 61
Weighted-average discount rate |  | 6.2 | % |  | 6.2 | %
______________ (1)The Company has ground leases that are subject to variable payments and extension options. None of the leases contain residual value guarantees. The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2025 (in thousands):
| Operating |  | Finance
2026 | $ | 28,998 |  |  | $ | 31,686 |
2027 | 17,807 |  |  | 32,434 |
2028 (1) | 40,762 |  |  | 118,252 |
2029 | 22,428 |  |  | 10,793 |
2030 | 21,149 |  |  | 10,995 |
Thereafter | 3,705,092 |  |  | 1,320,418 |
Total lease payments | 3,836,236 |  |  | 1,524,578 |
Less: |  |  |
Interest portion | 3,447,023 |  |  | 1,164,539 |
Present value of lease payments | $ | 389,213 |  |  | $ | 360,039 |
_______________ (1)Operating lease payments in 2028 include an approximately $25.1 million final rental payment related to a ground lease the Company is reasonably certain it will commence construction on in 2028. Finance lease payments in 2028 include approximately $105.3 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately commence construction on the ground lease site or exercise its ground lease purchase option on the schedule currently contemplated or at all. The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2024 (in thousands):
| Operating |  | Finance
2025 | $ | 40,451 |  |  | $ | 30,801 |
2026 | 34,155 |  |  | 33,280 |
2027 | 10,635 |  |  | 32,768 |
2028 (1) | 40,462 |  |  | 118,252 |
2029 | 21,710 |  |  | 10,793 |
Thereafter | 3,527,328 |  |  | 1,331,413 |
Total lease payments | 3,674,741 |  |  | 1,557,307 |
Less: |  |  |
Interest portion | 3,282,055 |  |  | 1,186,422 |
Present value of lease payments | $ | 392,686 |  |  | $ | 370,885 |
_______________ (1)Operating lease payments in 2028 includes an approximately $25.1 million final rental payment related to a ground lease the Company is reasonably certain it will commence construction on in 2028. Finance lease payments in 2028 include approximately $105.3 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately commence construction on the ground lease site or exercise its ground lease purchase option on the schedule currently contemplated or at all.
Lessee, Finance Leases | The following table provides lease cost information for the Company’s operating and finance leases for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|  | Year ended December 31,
Lease costs |  | 2025 |  | 2024 |  | 2023
Operating lease costs (1) |  | $ | 14,620 |  |  | $ | 14,583 |  |  | $ | 14,451 |
Finance lease costs |  |  |  |  |  |
Amortization of right of use asset (2) |  | $ | 2,937 |  |  | $ | 3,093 |  |  | $ | 2,821 |
Interest on lease liabilities (3) |  | $ | 21,849 |  |  | $ | 13,374 |  |  | $ | 13,747 |
_______________ (1)One of the operating leases relates to an asset that was in development for the year ended December 31, 2025, and predevelopment for the year ended December 31, 2024 and a portion of the year ended December 31, 2023. As such, the operating lease costs were capitalized. (2)The finance leases relate to either land, buildings or assets that are/were in development. For land leases classified as finance leases because of a purchase option that the Company views as an economic incentive, the Company follows its existing policy and does not depreciate land because it is assumed to have an indefinite life. For all other finance leases, the Company would amortize the right of use asset over the shorter of the useful life of the asset or the lease term. If the finance lease relates to a property under development, the amortization of the right of use asset may be eligible for capitalization. For assets under development, depreciation may commence once the asset is placed in-service and depreciation would be recognized in accordance with the Company’s policy. (3)One of the finance leases relates to an asset under development for a portion of the year ended December 31, 2023. As such, a portion of the interest amount was capitalized. There were no finance leases related to assets under development for the years ended December 31, 2024 and 2025. The following table provides other quantitative information for the Company’s operating and finance leases as of December 31, 2025 and December 31, 2024:
Other information |  | December 31, 2025 |  | December 31, 2024
Operating Leases (1) |  |  |  |
Number of cancelable leases |  | — |  |  | 1
Number of non-cancelable leases |  | 6 |  | 5
Longest lease expiration date |  | 7/1/2125 |  | 7/1/2125
Weighted-average remaining lease term (in years) |  | 71 |  | 72
Weighted-average discount rate |  | 6.6 | % |  | 6.5 | %
Finance Leases |  |  |  |
Number of cancelable leases |  | — |  |  | — |
Number of non-cancelable leases |  | 5 |  | 5
Longest lease expiration date |  | 11/1/2094 |  | 11/1/2094
Weighted-average remaining lease term (in years) |  | 61 |  | 61
Weighted-average discount rate |  | 6.2 | % |  | 6.2 | %
______________ (1)The Company has ground leases that are subject to variable payments and extension options. None of the leases contain residual value guarantees. The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2025 (in thousands):
| Operating |  | Finance
2026 | $ | 28,998 |  |  | $ | 31,686 |
2027 | 17,807 |  |  | 32,434 |
2028 (1) | 40,762 |  |  | 118,252 |
2029 | 22,428 |  |  | 10,793 |
2030 | 21,149 |  |  | 10,995 |
Thereafter | 3,705,092 |  |  | 1,320,418 |
Total lease payments | 3,836,236 |  |  | 1,524,578 |
Less: |  |  |
Interest portion | 3,447,023 |  |  | 1,164,539 |
Present value of lease payments | $ | 389,213 |  |  | $ | 360,039 |
_______________ (1)Operating lease payments in 2028 include an approximately $25.1 million final rental payment related to a ground lease the Company is reasonably certain it will commence construction on in 2028. Finance lease payments in 2028 include approximately $105.3 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately commence construction on the ground lease site or exercise its ground lease purchase option on the schedule currently contemplated or at all. The following table provides a maturity analysis for the Company’s lease liabilities related to its operating and finance leases as of December 31, 2024 (in thousands):
| Operating |  | Finance
2025 | $ | 40,451 |  |  | $ | 30,801 |
2026 | 34,155 |  |  | 33,280 |
2027 | 10,635 |  |  | 32,768 |
2028 (1) | 40,462 |  |  | 118,252 |
2029 | 21,710 |  |  | 10,793 |
Thereafter | 3,527,328 |  |  | 1,331,413 |
Total lease payments | 3,674,741 |  |  | 1,557,307 |
Less: |  |  |
Interest portion | 3,282,055 |  |  | 1,186,422 |
Present value of lease payments | $ | 392,686 |  |  | $ | 370,885 |
_______________ (1)Operating lease payments in 2028 includes an approximately $25.1 million final rental payment related to a ground lease the Company is reasonably certain it will commence construction on in 2028. Finance lease payments in 2028 include approximately $105.3 million related to a purchase option that the Company was reasonably certain it would exercise upon execution of the ground leases. There can be no assurance that the Company will ultimately commence construction on the ground lease site or exercise its ground lease purchase option on the schedule currently contemplated or at all.
Lessor, Operating Leases [Text Block] | Lessor Operating Leases The following table summarizes the components of lease revenue recognized during the years ended December 31, 2025, 2024 and 2023 included within the Company's Consolidated Statements of Operations (in thousands):
|  | Year ended December 31,
Lease Revenue |  | 2025 |  | 2024 |  | 2023
Fixed contractual payments |  | $ | 2,644,155 |  |  | $ | 2,605,272 |  |  | $ | 2,503,106 |
Variable lease payments |  | 590,743 |  |  | 570,541 |  |  | 550,641 |
Sales-type lease |  | 1,109 |  |  | 992 |  |  | 926 |
|  | $ | 3,236,007 |  |  | $ | 3,176,805 |  |  | $ | 3,054,673 |
The future contractual lease payments to be received (excluding operating expense reimbursements and percentage rent) by the Company as of December 31, 2025, under non-cancelable operating leases which expire on various dates through 2050 (in thousands):
Years Ending December 31, |
2026 | $ | 2,543,021 |
2027 | 2,626,022 |
2028 | 2,565,897 |
2029 | 2,426,161 |
2030 | 2,299,682 |
Thereafter | 14,485,854 |
No single tenant represented more than 10.0% of the Company’s total lease revenue for any of the years ended December 31, 2025, 2024 and 2023.
Lessor, Sales-type Leases | Sales-type Lease For the years ended December 31, 2025, 2024 and 2023, the Company had one non-cancelable ground lease obligation, as lessor, that is classified as a sales-type lease with an expiration date in 2119. The Company recognized approximately $1.0 million, $1.0 million and $0.9 million of interest income that is recorded in lease revenue on its Consolidated Statement of Operations for the year ended December 31, 2025, 2024 and 2023, respectively. The following table provides the future contractual payments to be received as of December 31, 2025 (in thousands):
| December 31, 2025
2026 | $ | 367 |
2027 | 755 |
2028 | 775 |
2029 | 795 |
2030 | 815 |
Thereafter | 265,865 |
Total lease payments to be received | 269,372 |
Less: |
Interest portion | 253,443 |
Sales-type lease receivable | 15,929 |
Unguaranteed residual asset | 24 |
Current expected credit loss adjustment | (281) |
Sales-type lease receivable, net | $ | 15,672 |
The following table provides the future contractual payments to be received as of December 31, 2024 (in thousands):
| December 31, 2024
2025 | $ | 124 |
2026 | 321 |
2027 | 754 |
2028 | 775 |
2029 | 793 |
Thereafter | 266,745 |
Total lease payments to be received | 269,512 |
Less: |
Interest portion | 254,589 |
Sales-type lease receivable | 14,923 |
Unguaranteed residual asset | 19 |
Current expected credit loss adjustment | (285) |
Sales-type lease receivable, net | $ | 14,657 |

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