Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Summary Of Operating Lease Income

The disaggregation of the Company’s lease income, which is included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the three months ended March 31, 2026 and 2025, was as follows (in thousands):


		Three Months Ended March 31,
		2026				2025
Lease income:
Fixed lease income (1)		$	425,294			$	416,171
Variable lease income (2)			116,950				112,987
Above-market and below-market leases amortization, net			13,634				5,314
Adjustments for potentially uncollectible lease income or disputed amounts			(3,066	)			(3,186	)
Total lease income		$	552,812			$	531,286

(1)

Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.

(2)

Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.

Summary Of Weighted-average Remaining Non-cancelable Lease Term And Weighted-average Discount Rates

The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating leases as of March 31, 2026 were as follows:


		Operating Leases
Weighted-average remaining lease term (in years)			28.82
Weighted-average discount rate			6.77	%

The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Condensed Consolidated Statements of Income for the three months ended March 31, 2026 and 2025, were as follows (in thousands):


		Three Months Ended March 31,
		2026				2025
Lease cost:
Finance lease cost		$	-			$	43
Operating lease cost			3,569				3,441
Variable lease cost			675				841
Total lease cost		$	4,244			$	4,325