v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 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 rent due to be received under the remaining non-cancelable term of operating leases in place as of December 31, 2025 were as follows:
(in thousands)Future Minimum Base Rental Receipts
2026$526,284 
2027532,160 
2028537,437 
2029542,397 
2030544,269 
Thereafter6,345,331 
Total$9,027,878 
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:
Year ended December 31,
(in thousands)202520242023
Contingent rent$775 $863 $743 
The Company recorded the following adjustments to rental revenue for tenant credit during the periods presented:
Year ended December 31,
(in thousands)202520242023
Adjustment to decrease rental revenue for tenant credit$(3,454)$(635)$(640)
The fixed and variable components of lease revenues for the years ended December 31, 2025, 2024, and 2023 were as follows:
Year ended December 31,
(in thousands)202520242023
Fixed lease revenues $527,509 $424,313 $338,720 
Variable lease revenues (1)
5,329 4,051 3,610 
Total lease revenues (2)
$532,838 $428,364 $342,330 
_____________________________________
(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:
 December 31, 2025December 31, 2024
Weighted average remaining lease term (in years)24.423.3
Weighted average discount rate6.86%6.83%
Schedule of Rent Expense
The following table sets forth the details of rent expense for the years ended December 31, 2025, 2024 and 2023:
Year ended December 31,
(in thousands)202520242023
Fixed rent expense - Ground Rent$691 $761 $970 
Fixed rent expense - Office Rent720 670 606 
Variable rent expense— — — 
Total rent expense$1,411 $1,431 $1,576 
Schedule of Future Lease Payments Due from Company Under Ground, Office and Equipment Operating Leases
As of December 31, 2025, future lease payments under 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
2026$226 $697 $923 
2027228 705 933 
2028233 729 962 
202960 743 803 
2030— 754 754 
Thereafter— 17,260 17,260 
Total$747 $20,888 21,635 
Present value discount(12,807)
Lease liabilities$8,828