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v3.25.4

Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Lessor, Operating Leases | Lessor For the years ended December 31, 2025, 2024 and 2023, revenue from tenant leases was $29.1 million, $29.4 million and $25.3 million, respectively. Revenue from tenant leases is included in Other revenues in the Company’s Consolidated Statements of Income. At December 31, 2025, the Company’s tenant leases had remaining lease terms ranging from less than one year to approximately 26 years. The following table presents undiscounted future minimum rentals to be received under operating leases as of December 31, 2025 (amounts in thousands):
Year Ending December 31, |
2026 | $ | 10,867 |
2027 | 7,819 |
2028 | 5,791 |
2029 | 4,247 |
2030 | 2,783 |
Thereafter | 6,106 |
| $ | 37,613 |
Leases of Lessee Disclosure | Leases Lessee The components of lease expense were as follows (amounts in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Operating lease cost | $ | 7,673 |  |  | $ | 7,827 |  |  | $ | 7,375 |
Short-term lease cost | 1,051 |  |  | 757 |  |  | 669 |
Variable lease cost | 24,018 |  |  | 26,359 |  |  | 21,383 |
Amortization of finance lease right-of-use assets | 3,506 |  |  | — |  |  | — |
Finance lease interest cost | 790 |  |  | — |  |  | — |
Total lease expense | $ | 37,038 |  |  | $ | 34,943 |  |  | $ | 29,427 |
Supplemental balance sheet information related to leases under which the Company is the lessee was as follows (amounts in thousands):
|  |  | December 31,
| Balance Sheet Classification |  | 2025 |  | 2024
Assets |  |  |  |  |
Operating leases | Other assets, net |  | $ | 28,108 |  |  | $ | 28,247 |
Finance leases | Finance lease right-of-use assets, net |  | $ | 38,561 |  |  | $ | — |
Current liabilities |  |  |  |  |
Operating leases | Other accrued liabilities |  | $ | 5,863 |  |  | $ | 6,444 |
Finance leases | Current portion of finance lease liabilities |  | $ | 9,810 |  |  | $ | — |
Non-current liabilities |  |  |  |  |
Operating leases | Other long-term liabilities |  | $ | 28,665 |  |  | $ | 28,148 |
Finance leases | Long-term finance lease liabilities, less current portion |  | $ | 31,123 |  |  | $ | — |
Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 7,270 |  |  | $ | 7,239 |  |  | $ | 5,886 |
Operating cash flows from finance leases | 391 |  |  | — |  |  | — |
Financing cash flows from finance leases | $ | 1,525 |  |  | $ | — |  |  | $ | — |
Right-of use assets obtained in exchange for new lease liabilities: |  |  |  |  |
Operating leases | $ | 7,369 |  |  | $ | 3,690 |  |  | $ | 2,522 |
Finance leases | $ | 42,067 |  |  | $ | — |  |  | $ | — |
Supplemental other information related to leases under which the Company is the lessee was as follows:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Weighted-average remaining lease term - operating leases (years) | 20.0 |  | 18.7 |  | 17.6
Weighted-average remaining lease term - finance leases (years) | 3.7 |  | 0.0 |  | 0.0
Weighted-average discount rate - operating leases | 5.61 | % |  | 5.45 | % |  | 5.34 | %
Weighted-average discount rate - finance leases | 5.80 | % |  | — | % |  | — | %
Future minimum lease payments required under operating and finance leases with initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2025 are as follows (amounts in thousands):
Year Ending December 31, | Operating Leases |  | Finance Leases
2026 | $ | 7,005 |  |  | $ | 13,770 |
2027 | 6,358 |  |  | 11,808 |
2028 | 4,844 |  |  | 11,808 |
2029 | 2,024 |  |  | 7,872 |
2030 | 2,179 |  |  | — |
Thereafter | 54,328 |  |  | — |
Total future lease payments | 76,738 |  |  | 45,258 |
Less imputed interest | (42,210) |  |  | (4,325) |
Total lease liabilities | $ | 34,528 |  |  | $ | 40,933 |
The Company leases retail space from a company affiliated with Robert Lewis, an independent director of the Company, and his family. The lease, which was entered into in January 2023, has an initial term of ten years and the Company has four five-year renewal options. The annual base rent under the lease is $209 thousand for the first five years of the lease and $234 thousand for years six through ten. For the four five-year renewal periods, the annual base rent ranges from $262 thousand to $368 thousand. The Company is also required to pay additional rent to the lessor representing the proportionate share of real property taxes, insurance and common area expenses associated with the leased premises. The Company recognized an operating lease right-of-use asset and right-of-use liability of $1.6 million each. For the year ended December 31, 2025, the Company paid $339 thousand to the lessor pursuant to the lease. The Company made no payments to the lessor for the year ended December 31, 2024.
Related Party Transactions Disclosure | The Company leases retail space from a company affiliated with Robert Lewis, an independent director of the Company, and his family. The lease, which was entered into in January 2023, has an initial term of ten years and the Company has four five-year renewal options. The annual base rent under the lease is $209 thousand for the first five years of the lease and $234 thousand for years six through ten. For the four five-year renewal periods, the annual base rent ranges from $262 thousand to $368 thousand. The Company is also required to pay additional rent to the lessor representing the proportionate share of real property taxes, insurance and common area expenses associated with the leased premises. The Company recognized an operating lease right-of-use asset and right-of-use liability of $1.6 million each. For the year ended December 31, 2025, the Company paid $339 thousand to the lessor pursuant to the lease. The Company made no payments to the lessor for the year ended December 31, 2024

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 840 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/840/tableOfContent + Details
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