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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
| For the Three Months Ended March 31, |  |
Lease revenue | 2025 |  | 2024 |  |  |  |
Fixed | $ | 131,691 |  |  | $ | 126,198 |  |  |  |  |
Variable | 43,617 |  |  | 39,235 |  |  |  |  |
| $ | 175,308 |  |  | $ | 165,433 |  |  |  |  |
Lessee Arrangements As of March 31, 2025, our balance sheet included $56.8 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | March 31, 2025 |  | December 31, 2024
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease right-of-use assets |  | $ | 54,374 |  |  | $ | 55,760 |
Finance leases - Property |  | Prepaid expenses and other assets, net |  | 2,473 |  |  | 2,491 |
Total right-of-use assets |  |  |  | $ | 56,847 |  |  | $ | 58,251 |
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 48,216 |  |  | $ | 49,240 |
Finance leases - Property |  | Other liabilities |  | 384 |  |  | 391 |
Total lease liabilities |  |  |  | $ | 48,600 |  |  | $ | 49,631 |
As of March 31, 2025, our operating leases had a weighted average remaining lease term of 38 years and a weighted average discount rate of 7.3%, while our finance leases had a weighted average remaining lease term of eight years and a weighted average discount rate of 9.1%. The table below presents our total property lease cost (in thousands):
|  | Statement of Operations Location |  | For the Three Months Ended March 31, |  |
Lease cost |  |  | 2025 |  | 2024 |  |  |  |
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  | $ | 2,266 |  |  | $ | 1,859 |  |  |  |  |
Property leases - variable |  | Property operating expenses |  | 27 |  |  | 34 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  | 19 |  |  | 19 |  |  |  |  |
Interest on lease liabilities |  | Interest expense |  | 9 |  |  | 9 |  |  |  |  |
|  |  |  | $ | 2,321 |  |  | $ | 1,921 |  |  |  |  |
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|  |  | For the Three Months Ended March 31,
Supplemental cash flow information |  |  | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 1,903 |  |  | $ | 1,724 |
Operating cash flows for finance leases |  |  | $ | 9 |  |  | $ | 9 |
Financing cash flows for finance leases |  |  | $ | 7 |  |  | $ | 6 |
Payments on property leases were due as follows (in thousands):
|  | March 31, 2025 |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |  |  |  |  |  |  |
2025 (1) |  | $ | 6,011 |  |  | $ | 47 |  |  |  |  |  |  |  |  |
2026 |  | 8,192 |  |  | 65 |  |  |  |  |  |  |  |  |
2027 |  | 8,392 |  |  | 67 |  |  |  |  |  |  |  |  |
2028 |  | 2,812 |  |  | 69 |  |  |  |  |  |  |  |  |
2029 |  | 2,068 |  |  | 71 |  |  |  |  |  |  |  |  |
Thereafter |  | 152,110 |  |  | 226 |  |  |  |  |  |  |  |  |
Total lease payments |  | 179,585 |  |  | 545 |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (131,369) |  |  | (161) |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 48,216 |  |  | $ | 384 |  |  |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2025.
Leases | Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
| For the Three Months Ended March 31, |  |
Lease revenue | 2025 |  | 2024 |  |  |  |
Fixed | $ | 131,691 |  |  | $ | 126,198 |  |  |  |  |
Variable | 43,617 |  |  | 39,235 |  |  |  |  |
| $ | 175,308 |  |  | $ | 165,433 |  |  |  |  |
Lessee Arrangements As of March 31, 2025, our balance sheet included $56.8 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | March 31, 2025 |  | December 31, 2024
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease right-of-use assets |  | $ | 54,374 |  |  | $ | 55,760 |
Finance leases - Property |  | Prepaid expenses and other assets, net |  | 2,473 |  |  | 2,491 |
Total right-of-use assets |  |  |  | $ | 56,847 |  |  | $ | 58,251 |
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 48,216 |  |  | $ | 49,240 |
Finance leases - Property |  | Other liabilities |  | 384 |  |  | 391 |
Total lease liabilities |  |  |  | $ | 48,600 |  |  | $ | 49,631 |
As of March 31, 2025, our operating leases had a weighted average remaining lease term of 38 years and a weighted average discount rate of 7.3%, while our finance leases had a weighted average remaining lease term of eight years and a weighted average discount rate of 9.1%. The table below presents our total property lease cost (in thousands):
|  | Statement of Operations Location |  | For the Three Months Ended March 31, |  |
Lease cost |  |  | 2025 |  | 2024 |  |  |  |
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  | $ | 2,266 |  |  | $ | 1,859 |  |  |  |  |
Property leases - variable |  | Property operating expenses |  | 27 |  |  | 34 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  | 19 |  |  | 19 |  |  |  |  |
Interest on lease liabilities |  | Interest expense |  | 9 |  |  | 9 |  |  |  |  |
|  |  |  | $ | 2,321 |  |  | $ | 1,921 |  |  |  |  |
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|  |  | For the Three Months Ended March 31,
Supplemental cash flow information |  |  | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 1,903 |  |  | $ | 1,724 |
Operating cash flows for finance leases |  |  | $ | 9 |  |  | $ | 9 |
Financing cash flows for finance leases |  |  | $ | 7 |  |  | $ | 6 |
Payments on property leases were due as follows (in thousands):
|  | March 31, 2025 |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |  |  |  |  |  |  |
2025 (1) |  | $ | 6,011 |  |  | $ | 47 |  |  |  |  |  |  |  |  |
2026 |  | 8,192 |  |  | 65 |  |  |  |  |  |  |  |  |
2027 |  | 8,392 |  |  | 67 |  |  |  |  |  |  |  |  |
2028 |  | 2,812 |  |  | 69 |  |  |  |  |  |  |  |  |
2029 |  | 2,068 |  |  | 71 |  |  |  |  |  |  |  |  |
Thereafter |  | 152,110 |  |  | 226 |  |  |  |  |  |  |  |  |
Total lease payments |  | 179,585 |  |  | 545 |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (131,369) |  |  | (161) |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 48,216 |  |  | $ | 384 |  |  |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2025.
Leases | Leases Lessor Arrangements We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue and other revenue from tenants that is not fixed under leases. The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
| For the Three Months Ended March 31, |  |
Lease revenue | 2025 |  | 2024 |  |  |  |
Fixed | $ | 131,691 |  |  | $ | 126,198 |  |  |  |  |
Variable | 43,617 |  |  | 39,235 |  |  |  |  |
| $ | 175,308 |  |  | $ | 165,433 |  |  |  |  |
Lessee Arrangements As of March 31, 2025, our balance sheet included $56.8 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
Leases |  | Balance Sheet Location |  | March 31, 2025 |  | December 31, 2024
Right-of-use assets |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease right-of-use assets |  | $ | 54,374 |  |  | $ | 55,760 |
Finance leases - Property |  | Prepaid expenses and other assets, net |  | 2,473 |  |  | 2,491 |
Total right-of-use assets |  |  |  | $ | 56,847 |  |  | $ | 58,251 |
Lease liabilities |  |  |  |  |  |
Operating leases - Property |  | Property - operating lease liabilities |  | $ | 48,216 |  |  | $ | 49,240 |
Finance leases - Property |  | Other liabilities |  | 384 |  |  | 391 |
Total lease liabilities |  |  |  | $ | 48,600 |  |  | $ | 49,631 |
As of March 31, 2025, our operating leases had a weighted average remaining lease term of 38 years and a weighted average discount rate of 7.3%, while our finance leases had a weighted average remaining lease term of eight years and a weighted average discount rate of 9.1%. The table below presents our total property lease cost (in thousands):
|  | Statement of Operations Location |  | For the Three Months Ended March 31, |  |
Lease cost |  |  | 2025 |  | 2024 |  |  |  |
Operating lease cost |  |  |  |  |  |  |  |  |  |
Property leases - fixed |  | Property operating expenses |  | $ | 2,266 |  |  | $ | 1,859 |  |  |  |  |
Property leases - variable |  | Property operating expenses |  | 27 |  |  | 34 |  |  |  |  |
Finance lease cost |  |  |  |  |  |  |  |  |  |
Amortization of property right-of-use assets |  | Property operating expenses |  | 19 |  |  | 19 |  |  |  |  |
Interest on lease liabilities |  | Interest expense |  | 9 |  |  | 9 |  |  |  |  |
|  |  |  | $ | 2,321 |  |  | $ | 1,921 |  |  |  |  |
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
|  |  | For the Three Months Ended March 31,
Supplemental cash flow information |  |  | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows for operating leases |  |  | $ | 1,903 |  |  | $ | 1,724 |
Operating cash flows for finance leases |  |  | $ | 9 |  |  | $ | 9 |
Financing cash flows for finance leases |  |  | $ | 7 |  |  | $ | 6 |
Payments on property leases were due as follows (in thousands):
|  | March 31, 2025 |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  | Finance Leases |  |  |  |  |  |  |  |
2025 (1) |  | $ | 6,011 |  |  | $ | 47 |  |  |  |  |  |  |  |  |
2026 |  | 8,192 |  |  | 65 |  |  |  |  |  |  |  |  |
2027 |  | 8,392 |  |  | 67 |  |  |  |  |  |  |  |  |
2028 |  | 2,812 |  |  | 69 |  |  |  |  |  |  |  |  |
2029 |  | 2,068 |  |  | 71 |  |  |  |  |  |  |  |  |
Thereafter |  | 152,110 |  |  | 226 |  |  |  |  |  |  |  |  |
Total lease payments |  | 179,585 |  |  | 545 |  |  |  |  |  |  |  |  |
Less: Amount representing interest |  | (131,369) |  |  | (161) |  |  |  |  |  |  |  |  |
Lease liability |  | $ | 48,216 |  |  | $ | 384 |  |  |  |  |  |  |  |  |
(1)Represents the nine months ending December 31, 2025.

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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