v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
Operating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses and about which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker (“CODM”). The CODM decides how resources are allocated and assesses performance on a recurring basis, at least quarterly. Our CODM is our CEO, who evaluates the operating performance and financial results of our consolidated portfolio based on Net Income through monthly operations meetings.

We conduct our business on a consolidated basis in one operating segment and therefore have one reportable segment. Asset information by segment is not reported because the Company does not use this measure to assess performance.

Our reportable segment derives its revenues primarily from rental revenue and related property income through the leasing of commercial real estate space to tenants. We recognize revenue from base rent (fixed lease payments), additional rent (variable lease payments, which consist of amounts due from tenants for common area maintenance, real estate taxes, percentage rent, and other recoverable costs), parking, and other lease-related revenue.

The following table presents Net Income:
Year Ended December 31,
202520242023
(in thousands)
REVENUES:
Rental income$1,093,587 $1,118,115 $1,117,737 
Other property income19,080 17,514 11,957 
Total revenues1,112,667 1,135,629 1,129,694 
EXPENSES:
Property expenses 243,726 243,441 228,964 
Real estate taxes 107,564 108,951 105,868 
Ground leases12,048 11,715 9,732 
General and administrative expenses73,108 71,074 94,264 
Leasing costs 10,352 8,764 6,506 
Depreciation and amortization354,854 356,182 355,278 
Total expenses801,652 800,127 800,612 
OTHER INCOME (EXPENSES):
Interest income
6,970 37,752 22,592 
Interest expense(126,292)(145,287)(114,216)
Other income (expense)
168 (992)830 
Gains on sales of depreciable operating properties127,038 — — 
Impairment of real estate assets
(16,259)— — 
Gain on sale of long-lived assets
— 5,979 — 
Total other expenses
(8,375)(102,548)(90,794)
NET INCOME$302,640 $232,954 $238,288