XML 47 R36.htm IDEA: XBRL DOCUMENT
v3.26.1

Commitments and Contingencies (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract] |
Summary of Lease Expense | The following table presents ground lease expense, included in property operating expense, for the three months ended March 31, 2026 and 2025 (dollars in thousands):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |  |  |
Operating lease expense: |  |  |  |  |  |  |  |  |  |
Minimum lease expense |  | $ | 790 |  |  | $ | 794 |  |  |  |  |  |  |
Variable lease expense |  | — |  |  | — |  |  |  |  |  |  |
|  | $ | 790 |  |  | $ | 794 |  |  |  |  |  |  |
For the three months ended March 31, 2026 and 2025, the following table summarizes lease expense, included in operating expense (dollars in thousands):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |  |  |
Corporate Offices |  |  |  |  |  |  |  |  |  |
Operating lease expense: |  |  |  |  |  |  |  |  |  |
Fixed lease expense |  | $ | 328 |  |  | $ | 324 |  |  |  |  |  |  |
Variable lease expense |  | — |  |  | — |  |  |  |  |  |  |
|  | $ | 328 |  |  | $ | 324 |  |  |  |  |  |  |
Schedule of Future Minimum Rental Payments | The following table presents future minimum rental payments, excluding contingent rents, on noncancellable ground leases on real estate as of March 31, 2026 (dollars in thousands):
Remainder of 2026 |  | $ | 2,390 |
2027 |  | 2,868 |
2028 |  | 2,839 |
2029 |  | 1,896 |
2030 |  | 1,833 |
2031 and thereafter |  | 10,430 |
Total lease payments |  | 22,256 |
Less: Present value discount |  | 6,344 |
Operating lease liability (Note 6) |  | $ | 15,912 |
As of March 31, 2026, the Company’s future operating lease commitments for the corporate office leases were as follows (dollars in thousands):
|  | Corporate Offices
Remainder of 2026 |  | $ | 995 |
2027 |  | 1,339 |
2028 |  | 1,155 |
2029 |  | 573 |
2030 |  | — |
2031 and thereafter |  | — |
Total lease payments |  | 4,062 |
Less: Present value discount |  | 151 |
Operating lease liability (Note 6) |  | $ | 3,911 |

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
Name: | us-gaap_LeaseCostTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration