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Leases

3 Months Ended

Mar. 31, 2026

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 presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):

						For the Three Months Ended March 31,
Lease Revenue						2026						2025
Fixed						$	142,467					$	131,691
Variable						50,504						43,617
						$	192,971					$	175,308

Lessee Arrangements

As of March 31, 2026, our consolidated balance sheet included $54.6 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, 2026						December 31, 2025
Right-of-use assets
Operating leases - Property						Property - operating lease right-of-use assets						$	48,906					$	50,383
Finance leases - Property						Prepaid expenses and other assets, net						5,743						5,373
Total right-of-use assets												$	54,649					$	55,756
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	43,768					$	45,012
Finance leases - Property						Other liabilities						752						363
Total lease liabilities												$	44,520					$	45,375

As of March 31, 2026, our operating leases had a weighted average remaining lease term of 42 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of six years and a weighted average discount rate of 8.1%. The table below presents our total property lease cost (in thousands):

						Statement of Operations Location						For the Three Months Ended March 31,
Lease Cost												2026						2025
Operating lease cost
Property leases - fixed						Property operating expenses						$	2,276					$	2,266
Property leases - variable						Property operating expenses						27						27
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						28						19
Interest on lease liabilities						Interest expense						8						9
												$	2,339					$	2,321

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									2026						2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases									$	2,043					$	1,903
Operating cash flows for finance leases									$	8					$	9
Financing cash flows for finance leases									$	8					$	7

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

						March 31, 2026
Year Ending December 31,						Operating Leases						Finance Leases
2026 (1)						$	6,175					$	214
2027						8,418						144
2028						2,838						146
2029						2,094						148
2030						2,129						124
Thereafter						151,871						152
Total lease payments						173,525						928
Less: Amount representing interest						(129,757)						(176)
Lease liability						$	43,768					$	752

(1)Represents the nine months ending December 31, 2026.

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 presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):

						For the Three Months Ended March 31,
Lease Revenue						2026						2025
Fixed						$	142,467					$	131,691
Variable						50,504						43,617
						$	192,971					$	175,308

Lessee Arrangements

As of March 31, 2026, our consolidated balance sheet included $54.6 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, 2026						December 31, 2025
Right-of-use assets
Operating leases - Property						Property - operating lease right-of-use assets						$	48,906					$	50,383
Finance leases - Property						Prepaid expenses and other assets, net						5,743						5,373
Total right-of-use assets												$	54,649					$	55,756
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	43,768					$	45,012
Finance leases - Property						Other liabilities						752						363
Total lease liabilities												$	44,520					$	45,375

As of March 31, 2026, our operating leases had a weighted average remaining lease term of 42 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of six years and a weighted average discount rate of 8.1%. The table below presents our total property lease cost (in thousands):

						Statement of Operations Location						For the Three Months Ended March 31,
Lease Cost												2026						2025
Operating lease cost
Property leases - fixed						Property operating expenses						$	2,276					$	2,266
Property leases - variable						Property operating expenses						27						27
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						28						19
Interest on lease liabilities						Interest expense						8						9
												$	2,339					$	2,321

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									2026						2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases									$	2,043					$	1,903
Operating cash flows for finance leases									$	8					$	9
Financing cash flows for finance leases									$	8					$	7

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

						March 31, 2026
Year Ending December 31,						Operating Leases						Finance Leases
2026 (1)						$	6,175					$	214
2027						8,418						144
2028						2,838						146
2029						2,094						148
2030						2,129						124
Thereafter						151,871						152
Total lease payments						173,525						928
Less: Amount representing interest						(129,757)						(176)
Lease liability						$	43,768					$	752

(1)Represents the nine months ending December 31, 2026.

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 presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):

						For the Three Months Ended March 31,
Lease Revenue						2026						2025
Fixed						$	142,467					$	131,691
Variable						50,504						43,617
						$	192,971					$	175,308

Lessee Arrangements

As of March 31, 2026, our consolidated balance sheet included $54.6 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, 2026						December 31, 2025
Right-of-use assets
Operating leases - Property						Property - operating lease right-of-use assets						$	48,906					$	50,383
Finance leases - Property						Prepaid expenses and other assets, net						5,743						5,373
Total right-of-use assets												$	54,649					$	55,756
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	43,768					$	45,012
Finance leases - Property						Other liabilities						752						363
Total lease liabilities												$	44,520					$	45,375

As of March 31, 2026, our operating leases had a weighted average remaining lease term of 42 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of six years and a weighted average discount rate of 8.1%. The table below presents our total property lease cost (in thousands):

						Statement of Operations Location						For the Three Months Ended March 31,
Lease Cost												2026						2025
Operating lease cost
Property leases - fixed						Property operating expenses						$	2,276					$	2,266
Property leases - variable						Property operating expenses						27						27
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						28						19
Interest on lease liabilities						Interest expense						8						9
												$	2,339					$	2,321

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									2026						2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases									$	2,043					$	1,903
Operating cash flows for finance leases									$	8					$	9
Financing cash flows for finance leases									$	8					$	7

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

						March 31, 2026
Year Ending December 31,						Operating Leases						Finance Leases
2026 (1)						$	6,175					$	214
2027						8,418						144
2028						2,838						146
2029						2,094						148
2030						2,129						124
Thereafter						151,871						152
Total lease payments						173,525						928
Less: Amount representing interest						(129,757)						(176)
Lease liability						$	43,768					$	752

(1)Represents the nine months ending December 31, 2026.

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 presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):

						For the Three Months Ended March 31,
Lease Revenue						2026						2025
Fixed						$	142,467					$	131,691
Variable						50,504						43,617
						$	192,971					$	175,308

Lessee Arrangements

As of March 31, 2026, our consolidated balance sheet included $54.6 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, 2026						December 31, 2025
Right-of-use assets
Operating leases - Property						Property - operating lease right-of-use assets						$	48,906					$	50,383
Finance leases - Property						Prepaid expenses and other assets, net						5,743						5,373
Total right-of-use assets												$	54,649					$	55,756
Lease liabilities
Operating leases - Property						Property - operating lease liabilities						$	43,768					$	45,012
Finance leases - Property						Other liabilities						752						363
Total lease liabilities												$	44,520					$	45,375

As of March 31, 2026, our operating leases had a weighted average remaining lease term of 42 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of six years and a weighted average discount rate of 8.1%. The table below presents our total property lease cost (in thousands):

						Statement of Operations Location						For the Three Months Ended March 31,
Lease Cost												2026						2025
Operating lease cost
Property leases - fixed						Property operating expenses						$	2,276					$	2,266
Property leases - variable						Property operating expenses						27						27
Finance lease cost
Amortization of property right-of-use assets						Property operating expenses						28						19
Interest on lease liabilities						Interest expense						8						9
												$	2,339					$	2,321

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									2026						2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases									$	2,043					$	1,903
Operating cash flows for finance leases									$	8					$	9
Financing cash flows for finance leases									$	8					$	7

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

						March 31, 2026
Year Ending December 31,						Operating Leases						Finance Leases
2026 (1)						$	6,175					$	214
2027						8,418						144
2028						2,838						146
2029						2,094						148
2030						2,129						124
Thereafter						151,871						152
Total lease payments						173,525						928
Less: Amount representing interest						(129,757)						(176)
Lease liability						$	43,768					$	752

(1)Represents the nine months ending December 31, 2026.

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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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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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The entire disclosure of lessor's sales-type 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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The entire disclosure for lessor's operating leases.

+ References

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-SubTopic 30
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-Publisher FASB
-URI https://asc.fasb.org/842-30/tableOfContent

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