The tables below present financial and supplemental information associated with our leases. | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | Lease Cost(1) (in thousands) | | | | | 2025 | | 2024 | | 2023 | | Operating lease cost | | | | | $ | 1,591 | | | $ | 1,629 | | | $ | 1,766 | | | Variable lease cost | | | | | 96 | | | 186 | | | 142 | | | Sublease income | | | | | (105) | | | (87) | | | — | | | Total lease cost | | | | | $ | 1,582 | | | $ | 1,728 | | | $ | 1,908 | |
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | Other Information (in thousands) | | | | | 2025 | | 2024 | | 2023 | | Cash paid for amounts included in the measurement of operating lease liabilities | | | | | $ | 1,813 | | | $ | 2,297 | | | $ | 2,308 | | | Right-of-use assets obtained in exchange for new operating lease liabilities | | | | | $ | — | | | $ | 2,084 | | | $ | — | |
| | | | | | | | | | | | | Lease Term and Discount Rate | December 31, 2025 | | December 31, 2024 | Weighted-average remaining lease term(1) | 46.2 years | | 40.2 years | Weighted-average discount rate(2) | 4.13 | % | | 4.10 | % |
(1)Includes the impact of extension options that we are reasonably certain to exercise. (2)Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.
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