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Leases (Tables)

12 Months Ended

Dec. 31, 2025

Lessee, Lease, Description [Line Items]

Lease, Cost

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.

Lessee, Operating Lease, Disclosure

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.

Lessee, Operating Lease, Liability, Maturity

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.

Finance Lease, Liability, Maturity

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, Lease, Description [Line Items]

Operating Lease, Lease Income [Table 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

Lessor, Operating Lease, Payments to be Received, Maturity

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

Sales-type and Direct Financing Leases, Lease Receivable, Maturity

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

X

- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

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