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Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases

Summary of lease income

The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the periods presented (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 2025

September 30, 2024

September 30, 2025

​

September 30, 2024

Total lease payments

​

$

187,574

​

$

159,566

​

$

541,661

​

$

471,652

Less: Operating cost reimbursements, termination income and percentage rents

​

21,090

​

16,246

​

60,831

​

52,752

Total non-variable lease payments

​

$

166,484

​

$

143,320

​

$

480,830

​

$

418,900

Summary of lease income to be received

At September 30, 2025, future non-variable lease payments to be received from the Company’s operating leases are as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ending December 31,

(remaining)

​

2026

2027

2028

2029

Thereafter

Total

Future non-variable lease payments

​

$

171,883

​

$

688,902

$

667,378

$

629,644

$

577,226

​

$

2,963,121

$

5,698,154

Summary of lease costs

The following tables include information on the Company’s land leases for which it is the lessee, for the periods presented (dollars in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

Nine Months Ended

​

September 30, 2025

September 30, 2024

​

September 30, 2025

September 30, 2024

Operating leases:

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating cash outflows

​

$

454

​

$

299

​

​

$

1,335

​

$

898

Weighted-average remaining lease term - operating leases (years)

​

​

29.6

​

​

29.9

​

​

​

29.6

​

​

29.9

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Finance leases:

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating cash outflows

​

$

48

​

$

62

​

​

$

143

​

$

186

Financing cash outflows

​

$

3

​

$

25

​

​

$

8

​

$

68

Weighted-average remaining lease term - finance leases (years)

​

​

26.3

​

​

2.2

​

​

​

26.3

​

​

2.2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Supplemental Disclosure:

​

​

​

​

​

​

​

​

​

​

​

​

​

Right of use assets added under new ground leases

​

$

—

​

$

596

​

​

$

1,767

​

$

961

Right of use assets removed as a result of acquisition of real property

​

​

—

​

​

—

​

​

​

(2,736)

​

​

—

Right of use assets net change

​

$

—

​

$

596

​

​

$

(969)

​

$

961

Summary of maturity analysis of lease liabilities for operating land leases

The following is a maturity analysis of lease liabilities for operating land leases as of September 30, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ending December 31,

(remaining)

​

2026

2027

2028

2029

Thereafter

Total

Lease payments

​

$

454

​

$

1,835

$

1,683

$

1,654

$

1,644

​

$

28,559

$

35,829

Imputed interest

​

(212)

​

(819)

​

(772)

​

(725)

​

(677)

​

(13,321)

​

(16,526)

Total lease liabilities

​

$

242

​

$

1,016

$

911

$

929

$

967

​

$

15,238

$

19,303

Summary of maturity analysis of lease liabilities for finance land leases

The following is a maturity analysis of lease liabilities for finance land leases as of September 30, 2025 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2025

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ending December 31,

(remaining)

​

2026

2027

2028

2029

Thereafter

Total

Lease payments

​

$

45

​

$

187

$

201

$

201

$

202

​

$

6,143

$

6,979

Imputed interest

​

(55)

​

(192)

​

(192)

​

(191)

​

(191)

​

(2,964)

​

(3,785)

Total lease liabilities

​

$

(10)

​

$

(5)

$

9

$

10

$

11

​

$

3,179

$

3,194

​

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

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

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X

- 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

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- References

No definition available.

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X

- 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

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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

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X

- 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

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