v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease right-of-use ("ROU") asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of June 30, 2025, the Company does not include any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:

Three Months Ended June 30,Six Months Ended June 30,
Supplemental Statements of Operations Information2025202420252024
Operating lease costs$1,715 $(282)$3,402 $— 
Variable lease costs62 136 138 252 
Total lease costs$1,777 $(146)$3,540 $252 
Six Months Ended June 30,
Supplemental Statements of Cash Flows Information20252024
Operating cash outflows from operating leases$3,146 $3,017 
ROU assets obtained in exchange for operating lease liabilities8,688 3,558 
ROU asset reduction due to dispositions, held for sale, and lease modifications— (6,581)
Operating Lease LiabilitiesAs of
June 30, 2025
Future minimum operating lease payments:
2025 (remaining six months)$3,078 
20265,761 
20274,708 
20284,787 
20294,748 
20304,233 
Thereafter100,633 
Total future minimum operating lease payments127,948 
Less: imputed interest(79,816)
Operating lease liabilities$48,132 
Supplemental Balance Sheets InformationAs of
June 30, 2025		As of
December 31, 2024
Operating lease liabilities(1)(2)
$48,132 $41,467 
ROU assets(1)(3)
45,191 38,784 
(1)As of June 30, 2025 and December 31, 2024, the weighted average remaining lease term was 26.2 years and 28.7 years, respectively, and the weighted average discount rate was 6.34% and 6.28%, respectively.
(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.
(3)These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

As of June 30, 2025, there were no material leases that have been executed but not yet commenced.