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Leases

9 Months Ended

Sep. 30, 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 September 30,												For the Nine Months Ended September 30,
Lease revenue			2025						2024						2025						2024
Fixed			$	135,957					$	129,357					$	403,982					$	382,918
Variable			42,315						41,192						125,196						118,683
			$	178,272					$	170,549					$	529,178					$	501,601

Lessee Arrangements

As of September 30, 2025, our balance sheet included $54.3 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						September 30, 2025						December 31, 2024
Right-of-use assets
Operating leases - Property						Property - operating lease right-of-use assets						$	51,838					$	55,760
Finance leases - Property						Prepaid expenses and other assets, net						2,435						2,491
Total right-of-use assets												$	54,273					$	58,251
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	46,203					$	49,240
Finance leases - Property						Other liabilities						370						391
Total lease liabilities												$	46,573					$	49,631

As of September 30, 2025, our operating leases had a weighted average remaining lease term of 40 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of seven 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 September 30,												For the Nine Months Ended September 30,
Lease cost												2025						2024						2025						2024
Operating lease cost
Property leases - fixed						Property operating expenses						$	2,276					$	1,929					$	6,813					$	5,687
Property leases - variable						Property operating expenses						27						42						81						219
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						19						19						56						56
Interest on lease liabilities						Interest expense						8						9						26						28
												$	2,330					$	1,999					$	6,976					$	5,990

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

									For the Nine Months Ended September 30,
Supplemental cash flow information									2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	5,928					$	5,232
Operating cash flows for finance leases									$	26					$	28
Financing cash flows for finance leases									$	21					$	18

Payments on property leases were due as follows (in thousands):

						September 30, 2025
Year Ending December 31,						Operating Leases						Finance Leases
2025 (1)						$	2,011					$	15
2026						8,217						65
2027						8,418						67
2028						2,838						69
2029						2,094						71
Thereafter						153,999						226
Total lease payments						177,577						513
Less: Amount representing interest						(131,374)						(143)
Lease liability						$	46,203					$	370

(1)Represents the three 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 September 30,												For the Nine Months Ended September 30,
Lease revenue			2025						2024						2025						2024
Fixed			$	135,957					$	129,357					$	403,982					$	382,918
Variable			42,315						41,192						125,196						118,683
			$	178,272					$	170,549					$	529,178					$	501,601

Lessee Arrangements

As of September 30, 2025, our balance sheet included $54.3 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						September 30, 2025						December 31, 2024
Right-of-use assets
Operating leases - Property						Property - operating lease right-of-use assets						$	51,838					$	55,760
Finance leases - Property						Prepaid expenses and other assets, net						2,435						2,491
Total right-of-use assets												$	54,273					$	58,251
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	46,203					$	49,240
Finance leases - Property						Other liabilities						370						391
Total lease liabilities												$	46,573					$	49,631

As of September 30, 2025, our operating leases had a weighted average remaining lease term of 40 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of seven 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 September 30,												For the Nine Months Ended September 30,
Lease cost												2025						2024						2025						2024
Operating lease cost
Property leases - fixed						Property operating expenses						$	2,276					$	1,929					$	6,813					$	5,687
Property leases - variable						Property operating expenses						27						42						81						219
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						19						19						56						56
Interest on lease liabilities						Interest expense						8						9						26						28
												$	2,330					$	1,999					$	6,976					$	5,990

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

									For the Nine Months Ended September 30,
Supplemental cash flow information									2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	5,928					$	5,232
Operating cash flows for finance leases									$	26					$	28
Financing cash flows for finance leases									$	21					$	18

Payments on property leases were due as follows (in thousands):

						September 30, 2025
Year Ending December 31,						Operating Leases						Finance Leases
2025 (1)						$	2,011					$	15
2026						8,217						65
2027						8,418						67
2028						2,838						69
2029						2,094						71
Thereafter						153,999						226
Total lease payments						177,577						513
Less: Amount representing interest						(131,374)						(143)
Lease liability						$	46,203					$	370

(1)Represents the three 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 September 30,												For the Nine Months Ended September 30,
Lease revenue			2025						2024						2025						2024
Fixed			$	135,957					$	129,357					$	403,982					$	382,918
Variable			42,315						41,192						125,196						118,683
			$	178,272					$	170,549					$	529,178					$	501,601

Lessee Arrangements

As of September 30, 2025, our balance sheet included $54.3 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						September 30, 2025						December 31, 2024
Right-of-use assets
Operating leases - Property						Property - operating lease right-of-use assets						$	51,838					$	55,760
Finance leases - Property						Prepaid expenses and other assets, net						2,435						2,491
Total right-of-use assets												$	54,273					$	58,251
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	46,203					$	49,240
Finance leases - Property						Other liabilities						370						391
Total lease liabilities												$	46,573					$	49,631

As of September 30, 2025, our operating leases had a weighted average remaining lease term of 40 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of seven 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 September 30,												For the Nine Months Ended September 30,
Lease cost												2025						2024						2025						2024
Operating lease cost
Property leases - fixed						Property operating expenses						$	2,276					$	1,929					$	6,813					$	5,687
Property leases - variable						Property operating expenses						27						42						81						219
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						19						19						56						56
Interest on lease liabilities						Interest expense						8						9						26						28
												$	2,330					$	1,999					$	6,976					$	5,990

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):

									For the Nine Months Ended September 30,
Supplemental cash flow information									2025						2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases									$	5,928					$	5,232
Operating cash flows for finance leases									$	26					$	28
Financing cash flows for finance leases									$	21					$	18

Payments on property leases were due as follows (in thousands):

						September 30, 2025
Year Ending December 31,						Operating Leases						Finance Leases
2025 (1)						$	2,011					$	15
2026						8,217						65
2027						8,418						67
2028						2,838						69
2029						2,094						71
Thereafter						153,999						226
Total lease payments						177,577						513
Less: Amount representing interest						(131,374)						(143)
Lease liability						$	46,203					$	370

(1)Represents the three months ending December 31, 2025.

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- References

No definition available.

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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

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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

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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

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