v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Lease, Lease Income [Table Text Block] 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 
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]
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 
Lease, Cost [Table Text Block]
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 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
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.