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Lease Arrangements (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Lease Income for Residential and Commercial Property Leases For the three and nine months ended September 30, 2025 and 2024, our total lease income was comprised of the following amounts for all residential and commercial property leases (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Fixed lease income

 

$

30,197

 

 

$

30,825

 

 

$

89,270

 

 

$

89,199

 

Variable lease income

 

 

2,945

 

 

 

2,614

 

 

 

9,058

 

 

 

7,550

 

Total lease income

 

$

33,142

 

 

$

33,439

 

 

$

98,328

 

 

$

96,749

 
Schedule of Minimum Lease Payments from our Office Space Sublease and Commercial Space Leases, Excluding Extension Options

Future minimum lease payments that are contractually due to us from our office space sublease and commercial space leases, excluding extension options, as of September 30, 2025, are as follows (in thousands):

 

Corporate Office Sublease

 

 

Commercial Leases

 

Remainder of 2025

$

356

 

 

$

644

 

2026

 

1,433

 

 

 

3,298

 

2027

 

1,443

 

 

 

3,388

 

2028

 

1,453

 

 

 

3,326

 

2029

 

630

 

 

 

3,364

 

Thereafter

 

—

 

 

 

23,828

 

   Total

$

5,315

 

 

$

37,848

 
Schedule of Lease Costs, Net of Capitalized Lease Costs See the table below for lease costs, net of capitalized finance lease costs, for the three and nine months ended September 30, 2025 and 2024 (in thousands):

 

 

Three Months Ended
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease costs

 

$

399

 

 

$

375

 

 

$

1,248

 

 

$

1,137

 

Finance lease costs:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of right-of-use assets, net of capitalized amounts

 

 

319

 

 

 

312

 

 

 

958

 

 

 

743

 

Interest on lease liabilities, net of capitalized amounts

 

 

1,875

 

 

 

1,794

 

 

 

5,592

 

 

 

4,467

 

Total lease costs, net of capitalized amounts

 

$

2,593

 

 

$

2,481

 

 

$

7,798

 

 

$

6,347

 
Schedule of Weighted Average Remaining Terms and Discount Rates

The weighted-average remaining terms and discount rates for our operating and finance leases are summarized in the table below as of September 30, 2025, and December 31, 2024:

 

September 30, 2025

 

 

December 31, 2024

 

Weighted average remaining lease term (years):

 

 

 

 

 

Operating leases

 

3.5

 

 

 

4.3

 

Finance leases

 

91.8

 

 

 

92.5

 

 

 

 

 

 

 

Weighted-average discount rate:

 

 

 

 

 

Operating leases

 

3.4

%

 

 

3.5

%

Finance leases

 

6.1

%

 

 

6.1

%
Minimum Annual Lease Payments Under Operating, Financing Leases

Combined annual future minimum lease payments under our operating and finance leases are as follows as of September 30, 2025 (in thousands):

 

Operating Leases

 

 

Finance Leases

 

Remainder of 2025

$

386

 

 

$

1,109

 

2026

 

2,466

 

 

 

4,954

 

2027

 

2,380

 

 

 

5,483

 

2028

 

2,181

 

 

 

5,596

 

2029

 

843

 

 

 

5,708

 

Thereafter

 

—

 

 

 

1,421,989

 

   Total

 

8,256

 

 

 

1,444,839

 

Less: Discount

 

(493

)

 

 

(1,320,436

)

   Total lease liabilities

$

7,763

 

 

$

124,403