v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases
Scheduled future minimum base rental and interest payments due to be received under the remaining non-cancelable term of operating leases and direct financing lease receivables in place as of June 30, 2025, and due to be received under loans receivable through the scheduled maturity dates as of June 30, 2025 were as follows:
(in thousands)
Operating LeasesLoans and Direct Financing LeasesTotal Future Minimum Receipts
July 1 - December 31, 2025$239,593 $15,502 $255,095 
2026484,069 31,240 515,309 
2027488,855 30,604 519,459 
2028493,029 30,753 523,782 
2029496,970 31,125 528,095 
Thereafter
5,838,480 332,015 6,170,495 
Total$8,040,996 $471,239 $8,512,235 
Schedule of Components of Fixed and Variable Lease Revenues
The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Contingent rent$236 $96 $442 $334 
The Company recorded the following adjustments to rental revenue for tenant credit during the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Adjustment to (decrease) increase rental revenue for tenant credit$(194)$437 $(1,759)$436 
The fixed and variable components of lease revenues for the three and six months ended June 30, 2025 and 2024 were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Fixed lease revenues$128,413 $103,521 $250,318 $201,527 
Variable lease revenues (1)
1,189 709 2,925 1,495 
Total lease revenues (2)
$129,602 $104,230 $253,243 $203,022 
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(1)Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants.
(2)Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.
Schedule of Information Related to Measurement of Lease Liabilities
The following table sets forth information related to the measurement of the Company’s lease liabilities as of the dates presented:
June 30, 2025December 31, 2024
Weighted average remaining lease term (in years)23.923.3
Weighted average discount rate6.86%6.83%
Schedule of Rent Expense
The following table sets forth the details of rent expense for the three and six months ended June 30, 2025 and 2024:
Three months ended June 30,Six months ended June 30,
(in thousands)2025202420252024
Fixed rent expense - ground leases$171 $177 $343 $422 
Fixed rent expense - office and equipment leases180 179 359 314 
Variable rent expense— — — — 
Total rent expense$351 $356 $702 $736 
Schedule of Future Lease Payments Due from Company Under Ground, Office and Equipment Operating Leases
As of June 30, 2025, future lease payments under ground, office and equipment operating leases to be paid by the Company directly and future lease payments under ground leases where the Company’s tenants are directly responsible for payment over the next five years and thereafter were as follows:
(in thousands)Office and Equipment LeasesGround LeasesTotal Future Minimum Base Rental Payments
July 1 - December 31, 2025$363 $348 $711 
2026226 697 923 
2027227 705 932 
2028233 729 962 
202961 743 804 
Thereafter— 18,014 18,014 
Total$1,110 $21,236 22,346 
Present value discount(13,134)
Lease liabilities$9,212