v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lessee, Operating Leases [Text Block] Leases
Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Rental Income (in thousands)202520242023
Fixed lease payments$640,877 $585,611 $540,447 
Variable lease payments179,983 162,090 146,954 
Straight-line rental income19,634 14,612 16,894 
Net increase to rental income related to above and below market lease amortization2,515 579 865 
Total rental income$843,009 $762,892 $705,160 

As of December 31, 2025 and 2024, the Company had accrued rental income of approximately $139.9 million and $118.6 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

As of December 31, 2025 and 2024, the Company’s total liability associated with tenant lease security deposits was approximately $26.3 million and $23.9 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2025.

YearMaturity of Fixed Lease Payments (in thousands)
2026$667,077 
2027$620,853 
2028$540,446 
2029$449,626 
2030$334,283 
Thereafter$763,477 
Lessee Leases

The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.5 years to 56.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

On June 10, 2025, the Company entered into a new lease agreement for its headquarters. The property subject to the lease is located in Boston, Massachusetts, and consists of approximately 28,041 square feet of rentable space. The lease term is estimated to commence on July 1, 2026, and expire on April 30, 2037, with one option to extend the lease for an additional five years at prevailing market rental rates. The total base rent is approximately $23.0 million over the approximately 10.8 year term and the Company will recognize the related right-of-use assets and corresponding operating lease liabilities upon lease commencement.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024.

Operating Lease Term and Discount RateDecember 31, 2025December 31, 2024
Weighted average remaining lease term (years)37.634.9
Weighted average discount rate7.0 %6.9 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Lease Cost (in thousands)202520242023
Operating lease cost included in property expense attributable to ground leases$2,823 $2,516 $2,467 
Operating lease cost included in general and administrative expense attributable to corporate office leases1,725 1,722 1,732 
Total operating lease cost$4,548 $4,238 $4,199 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Leases (in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$4,291 $4,013 $3,890 
Right-of-use assets obtained in exchange for new lease liabilities$175 $— $141 

The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2025.

Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
2026$3,519 
20272,574 
20282,616 
20292,583 
20302,561 
Thereafter107,916 
Total lease payments121,769 
Less: Imputed interest(84,729)
Present value of operating lease liabilities$37,040 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
Lessor, Operating Leases [Text Block] Leases
Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Rental Income (in thousands)202520242023
Fixed lease payments$640,877 $585,611 $540,447 
Variable lease payments179,983 162,090 146,954 
Straight-line rental income19,634 14,612 16,894 
Net increase to rental income related to above and below market lease amortization2,515 579 865 
Total rental income$843,009 $762,892 $705,160 

As of December 31, 2025 and 2024, the Company had accrued rental income of approximately $139.9 million and $118.6 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

As of December 31, 2025 and 2024, the Company’s total liability associated with tenant lease security deposits was approximately $26.3 million and $23.9 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2025.

YearMaturity of Fixed Lease Payments (in thousands)
2026$667,077 
2027$620,853 
2028$540,446 
2029$449,626 
2030$334,283 
Thereafter$763,477 
Lessee Leases

The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.5 years to 56.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

On June 10, 2025, the Company entered into a new lease agreement for its headquarters. The property subject to the lease is located in Boston, Massachusetts, and consists of approximately 28,041 square feet of rentable space. The lease term is estimated to commence on July 1, 2026, and expire on April 30, 2037, with one option to extend the lease for an additional five years at prevailing market rental rates. The total base rent is approximately $23.0 million over the approximately 10.8 year term and the Company will recognize the related right-of-use assets and corresponding operating lease liabilities upon lease commencement.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024.

Operating Lease Term and Discount RateDecember 31, 2025December 31, 2024
Weighted average remaining lease term (years)37.634.9
Weighted average discount rate7.0 %6.9 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Lease Cost (in thousands)202520242023
Operating lease cost included in property expense attributable to ground leases$2,823 $2,516 $2,467 
Operating lease cost included in general and administrative expense attributable to corporate office leases1,725 1,722 1,732 
Total operating lease cost$4,548 $4,238 $4,199 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Leases (in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$4,291 $4,013 $3,890 
Right-of-use assets obtained in exchange for new lease liabilities$175 $— $141 

The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2025.

Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
2026$3,519 
20272,574 
20282,616 
20292,583 
20302,561 
Thereafter107,916 
Total lease payments121,769 
Less: Imputed interest(84,729)
Present value of operating lease liabilities$37,040 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.