The Company has operating leases related to the land under certain lodging properties, conference centers, parking spaces, automobiles, our corporate office, and miscellaneous office equipment. These leases have remaining terms of one year to 73.3 years, some of which include options to extend the leases for additional years. The exercise of lease renewal options is at our sole discretion. Certain leases also include options to purchase the leased property. At March 31, 2025 and December 31, 2024, the weighted-average operating lease term was approximately 31.8 years and our weighted-average incremental borrowing rate for leases was 4.8%.

Certain of our lease agreements include rental payments based on a percentage of revenue over contractual levels and others include rental payments adjusted periodically for inflation. Our lease agreements do not contain any material residual value guarantees or restrictive covenants that materially affect our business. In addition, we lease certain owned real estate to third parties. We recorded gross third-party tenant income of $1.1 million and $0.8 million during the three month periods ended March 31, 2025 and 2024, respectively, in Other income, net on our Condensed Consolidated Statements of Operations.

During each of the three month periods ended March 31, 2025 and 2024, the Company's total operating lease cost was $1.2 million, and the cash payments on operating leases were $1.0 million and $1.1 million, respectively.


For the Year Ending December 31,	Amount
2025	$	1,753
2026	2,280
2027	2,322
2028	2,141
2029	2,019
Thereafter	33,800
Total lease payments (1)	44,315
Less: Imputed interest	(19,731)
Total	$	24,584

(1)Certain payments above include future increases to the minimum fixed rent based on the Consumer Price Index in effect at the initial measurement of the lease balances.