Leases

12 Months Ended

Dec. 31, 2025

Lessee Disclosures

We are a lessee on a limited number of ground and office leases (the "Operating Leases"). Our office leases have remaining lease terms of less than one year to six years and our ground leases have remaining terms of 29 years to 44 years. For the year ended December 31, 2025, we recognized $3,240 of operating lease expense, inclusive of short-term and variable lease costs which are not significant.

The following is a schedule of the maturities of operating lease liabilities for the next five years as of December 31, 2025, and thereafter:


2026	$	2,367
2027	2,554
2028	2,286
2029	2,014
2030	1,890
Thereafter	40,530
Total Lease Payments	51,641
Less Imputed Interest (A)	(32,191)
Total	$	19,450

(A) Calculated using the discount rate for each lease.

As of December 31, 2025, our weighted average remaining lease term for the Operating Leases is 32.6 years and the weighted average discount rate is 7.2%.

A number of the Operating Leases include options to extend the lease term. For purposes of determining our lease term, we excluded periods covered by an option since it was not reasonably certain at lease commencement that we would exercise the options.

Lessor Disclosures

Our properties and certain land parcels are leased to tenants and classified as operating leases. For the years ended December 31, 2025, 2024 and 2023, we recognized lease revenue of $719,220, $660,967 and $602,294, respectively, including variable lease payments of $156,306, $146,568 and $131,823, respectively. Variable lease payments primarily consist of tenant reimbursements of property operating expenses. Future minimum rental receipts, excluding variable payments, under non-cancelable operating leases that commenced prior to December 31, 2025 are approximately as follows:


2026	$	573,213
2027	540,572
2028	457,338
2029	364,593
2030	288,941
Thereafter	708,556
Total	$	2,933,213

Several of our operating leases include options to extend the lease term and/or to purchase the building. For purposes of determining the lease term and lease classification, we exclude these extension periods and purchase options unless it is reasonably certain at lease commencement that the option will be exercised.