XML 40 R30.htm IDEA: XBRL DOCUMENT v3.26.1
Leases (Tables)
6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Operating Lease, Lease Income [Table Text Block]
The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025.

 Three months ended June 30,Six months ended June 30,
Rental Income (in thousands)2026202520262025
Fixed lease payments$171,456 $157,620   $341,538 $314,402 
Variable lease payments44,814 44,193 91,466 87,952 
Straight-line rental income6,935 4,988 13,546 9,231 
Net increase to rental income related to above and below market lease amortization323 637 826 1,215 
Total rental income$223,528 $207,438 $447,376 $412,800 
Lease, Cost [Table Text Block]
The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025.

Operating Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted average remaining lease term (years)38.237.6
Weighted average discount rate7.0 %7.0 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025.

 Three months ended June 30,Six months ended June 30,
Operating Lease Cost (in thousands)2026202520262025
Operating lease cost included in property expense attributable to ground leases$771 $698 $1,542 $1,395 
Operating lease cost included in general and administrative expense attributable to corporate office leases432 431 865 861 
Total operating lease cost$1,203 $1,129 $2,407 $2,256 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025.

 Six months ended June 30,
Operating Leases (in thousands)20262025
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$2,257 $2,113 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2026.

Year
Maturity of Operating Lease Liabilities(1) (in thousands)
Remainder of 2026$1,262 
20272,574 
20282,616 
20292,583 
20302,561 
Thereafter107,916 
Total lease payments119,512 
Less: Imputed interest(83,475)
Present value of operating lease liabilities$36,037 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.