Leases (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Leases |
|
| Summary of lease income |
The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the periods presented (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Total lease payments | | $ | 180,348 | | $ | 157,223 | | $ | 354,087 | | $ | 312,086 | Less: Operating cost reimbursements, termination income and percentage rents | | | 19,947 | | | 18,505 | | | 39,742 | | | 36,506 | Total non-variable lease payments | | $ | 160,401 | | $ | 138,718 | | $ | 314,345 | | $ | 275,580 |
|
| Summary of lease income to be received |
At June 30, 2025, future non-variable lease payments to be received from the Company’s operating leases are as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | | | | | | | | | | | | | | Year Ending December 31, | | (remaining) | | 2026 | | 2027 | | 2028 | | 2029 | | Thereafter | | Total | Future non-variable lease payments | | $ | 344,240 | | $ | 688,827 | | $ | 664,574 | | $ | 626,888 | | $ | 570,301 | | $ | 2,915,551 | | $ | 5,810,381 |
|
| Summary of lease costs |
The following tables include information on the Company’s land leases for which it is the lessee, for the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | | June 30, 2025 | | June 30, 2024 | Operating leases: | | | | | | | | | | | | | | Operating cash outflows | | $ | 444 | | $ | 299 | | | $ | 881 | | $ | 598 | Weighted-average remaining lease term - operating leases (years) | | | 32.1 | | | 29.9 | | | | 32.1 | | | 29.9 | | | | | | | | | | | | | | | Finance leases: | | | | | | | | | | | | | | Operating cash outflows | | $ | 48 | | $ | 62 | | | $ | 96 | | $ | 124 | Financing cash outflows | | $ | 3 | | $ | 22 | | | $ | 5 | | $ | 43 | Weighted-average remaining lease term - finance leases (years) | | | 26.6 | | | 0.3 | | | | 26.6 | | | 0.3 | | | | | | | | | | | | | | | Supplemental Disclosure: | | | | | | | | | | | | | | Right of use assets added under new ground leases | | $ | — | | $ | 365 | | | $ | 1,767 | | $ | 365 | Right of use assets removed as a result of acquisition of real property | | | (2,736) | | | — | | | | (2,736) | | | — | Right of use assets net change | | $ | (2,736) | | $ | 365 | | | $ | (969) | | $ | 365 |
|
| Summary of maturity analysis of lease liabilities for operating land leases |
The following is a maturity analysis of lease liabilities for operating land leases as of June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | | | | | | | | | | | | | | Year Ending December 31, | | (remaining) | | 2026 | | 2027 | | 2028 | | 2029 | | Thereafter | | Total | Lease payments | | $ | 909 | | $ | 1,835 | | $ | 1,683 | | $ | 1,654 | | $ | 1,644 | | $ | 28,559 | | $ | 36,284 | Imputed interest | | | (428) | | | (819) | | | (772) | | | (725) | | | (677) | | | (13,321) | | | (16,742) | Total lease liabilities | | $ | 481 | | $ | 1,016 | | $ | 911 | | $ | 929 | | $ | 967 | | $ | 15,238 | | $ | 19,542 |
|
| Summary of maturity analysis of lease liabilities for finance land leases |
The following is a maturity analysis of lease liabilities for finance land leases as of June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | 2025 | | | | | | | | | | | | | | | | | | | Year Ending December 31, | | (remaining) | | 2026 | | 2027 | | 2028 | | 2029 | | Thereafter | | Total | Lease payments | | $ | 90 | | $ | 187 | | $ | 201 | | $ | 201 | | $ | 202 | | $ | 6,143 | | $ | 7,024 | Imputed interest | | | (96) | | | (192) | | | (192) | | | (191) | | | (191) | | | (2,964) | | | (3,826) | Total lease liabilities | | $ | (6) | | $ | (5) | | $ | 9 | | $ | 10 | | $ | 11 | | $ | 3,179 | | $ | 3,198 |
|