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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 11. Leases As Lessor The Company’s primary source of revenue is derived from lease agreements related to its portfolio of shopping centers and other retail properties. As of September 30, 2025, the Company was party to approximately 1,400 leases, which include both properties owned directly and those operated under long-term ground leases. These lease agreements have contractual terms that extend through February 2, 2084, and many include tenant renewal options. Certain leases also provide tenants with early termination rights. Lease terms generally range from one month to sixty years. In addition to fixed base rent, many leases include provisions for variable lease payments, such as reimbursements for operating expenses and rent based on a percentage of the tenant’s sales volume. The following table presents the components of rental revenue, disaggregated into fixed and variable lease income (in thousands):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fixed lease revenue | $ | 80,558 |  |  | $ | 70,073 |  |  | $ | 243,631 |  |  | $ | 208,096 |
Variable lease revenue |  | 18,156 |  |  |  | 16,215 |  |  |  | 56,020 |  |  |  | 49,855 |
Total rental revenue | $ | 98,714 |  |  | $ | 86,288 |  |  | $ | 299,651 |  |  | $ | 257,951 |
The following table summarizes the Company’s scheduled future minimum rental revenues under non-cancelable tenant leases with remaining terms greater than one year, as of September 30, 2025. These amounts assume no new or renegotiated leases or exercise of renewal options not deemed reasonably certain (in thousands):
Year Ending December 31, |  | Minimum Rental Revenues |
2025 (Remainder) |  | $ | 71,497 |
2026 |  |  | 300,258 |
2027 |  |  | 284,606 |
2028 |  |  | 252,945 |
2029 |  |  | 215,119 |
Thereafter |  |  | 833,535 |
Total |  | $ | 1,957,960 |
During the first quarter of 2025, the Company recogni zed $8.4 million as rental and termination income related to a lease termination at City Center, a REIT Portfolio property, which is included in Other revenue on the Company’s Condensed Consolidated statements of operations. During the three and nine months ended September 30, 2025 and 2024, no single tenant or property collectively comprised more than 10% of the Company’s total revenues. As Lessee The Company leases certain properties that are owned by third parties, including ground leases for retail properties and leases for office space and equipment. These leases grant the Company the right to operate the underlying assets during the lease term. Lease terms generally range from five years to 98 years and may include renewal options that are evaluated for likelihood of exercise. The Company classifies these arrangements as either operating or finance leases in accordance with ASC Topic 842, Leases.
|  | Minimum Rental Payments |
Year Ending December 31, |  | Operating Leases (a) |  |  | Finance Leases (a) |
2025 (Remainder) |  | $ | 1,305 |  |  | $ | 333 |
2026 |  |  | 5,637 |  |  |  | 1,350 |
2027 |  |  | 4,850 |  |  |  | 1,350 |
2028 |  |  | 4,646 |  |  |  | 1,396 |
2029 |  |  | 4,121 |  |  |  | 1,415 |
Thereafter |  |  | 13,066 |  |  |  | 155,320 |
|  |  | 33,625 |  |  |  | 161,164 |
Interest |  |  | (6,656 | ) |  |  | (129,233 | )
Total |  | $ | 26,969 |  |  | $ | 31,931 |
(a) Minimum rental payments inc lude $6.7 million of interest related to operating leases and $129.2 million r elated to finance leases. These amounts exclude lease renewal options that are not reasonably certain to be exercised. The following table summarizes additional lease cost information for the Company’s lessee arrangements (dollars in thousands):
| Three Months Ended September 30, |  |  | Nine Months Ended September 30,
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 374 |  |  | $ | 361 |  |  | $ | 1,121 |  |  | $ | 964 |  |
Interest on lease liabilities |  | 512 |  |  |  | 511 |  |  |  | 1,541 |  |  |  | 1,545 |  |
Subtotal |  | 886 |  |  |  | 872 |  |  |  | 2,662 |  |  |  | 2,509 |  |
Operating lease cost |  | 1,409 |  |  |  | 1,306 |  |  |  | 4,124 |  |  |  | 3,941 |  |
Variable lease cost |  | 38 |  |  |  | 78 |  |  |  | 232 |  |  |  | 222 |  |
Total lease cost | $ | 2,333 |  |  | $ | 2,256 |  |  | $ | 7,018 |  |  | $ | 6,672 |  |
Cash Paid |  |  |  |  |  |  |  |  |  |  |  |
Payments of operating lease obligations - operating activities | $ | 1,365 |  |  | $ | 1,329 |  |  | $ | 4,097 |  |  | $ | 4,044 |  |
Payments of interest on finance lease obligations - operating activities |  | 516 |  |  |  | 505 |  |  |  | 1,541 |  |  |  | 1,539 |  |
Payments of finance lease obligations - financing activities |  | 179 |  |  |  | 1,983 |  |  |  | 557 |  |  |  | 2,072 |  |
|  | As of September 30, |
|  | 2025 |  |  | 2024 |
Other Information |  |  |  |  |  |
Weighted-average remaining lease term - finance leases (years) |  |  | 56.4 |  |  |  | 56.9 |
Weighted-average remaining lease term - operating leases (years) |  |  | 8.2 |  |  |  | 9.2 |
Weighted-average discount rate - finance leases |  |  | 6.5 | % |  |  | 6.5 | %
Weighted-average discount rate - operating leases |  |  | 5.1 | % |  |  | 5.1 | %
During the first quarter of 2025, the Company entered into a new corporate office lease. The Company recognized a $2.1 million right-of-use asset and corresponding lease liability related to the operating lease. The lease term was determined based on the noncancelable period and renewal options that the Company is reasonably certain to exercise. The lease liability was measured using the Company’s incremental borrowing rate at lease commencement.

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