v3.26.1
Lease Accounting (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Operating Lease, Lease Income The following table presents the Company’s classification of rental revenue for its operating leases and sales-type lease for the three months ended March 31, 2026 and 2025:
Three Months Ended March 31,
Classification 20262025
Fixed$70,319 $72,890 
Variable(1)
14,657 15,003 
Total$84,976 $87,893 
(1) Primarily comprised of tenant reimbursements.
Schedule of Lessor, Operating Lease, Payments to be Received, Maturity
Future fixed rental receipts for operating leases assuming no new or re-negotiated leases as of March 31, 2026 were as follows:
Operating
2026 - remainder$207,901 
2027256,756 
2028224,579 
2029196,915 
2030148,536 
2031108,337 
Thereafter291,606 
Total$1,434,630 
Schedule of Lease, Cost
Supplemental information related to operating leases is as follows:
Three Months Ended
March 31, 2026March 31, 2025
Weighted-average remaining lease term
Operating leases (years)2.28.7
Weighted-average discount rate
Operating leases4.1 %4.2 %
The components of lease expense for the three months ended March 31, 2026 and 2025 were as follows:
Income Statement Classification FixedVariableTotal
2026:
Property operating$811 $— $811 
General and administrative(1)
471 73 544 
Total$1,282 $73 $1,355 
2025:
Property operating$859 $15 $874 
General and administrative475 66 541 
Total$1,334 $81 $1,415 
(1) For the three months ended March 31, 2026 and 2025, the general and administrative lease expense excludes a reduction of $223 and $226, respectively, to lease expense for the sublease of the Company's office space in New York, New York.
Schedule of Lessee, Operating Lease, Liability, Maturity
The following table shows the Company's maturity analysis of its operating lease liabilities as of March 31, 2026:
Operating Leases
2026 - remainder$2,950 
20273,775 
20281,163 
2029326 
2030109 
2031— 
Thereafter— 
Total lease payments$8,323 
Less: Imputed interest(409)
Present value of lease liabilities$7,914