v3.26.1
Leases (Tables)
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Future Lease Payments

The following table presents the future lease payments due under the Company’s ground leases as of March 31, 2026 ($ in thousands):

 

Year

 

Operating
Leases

 

2026 (remaining)

 

$

 

535

 

2027

 

 

 

714

 

2028

 

 

 

714

 

2029

 

 

 

714

 

2030

 

 

 

743

 

2031

 

 

 

746

 

Thereafter

 

 

 

22,864

 

Total undiscounted future lease payments

 

 

 

27,030

 

Difference between undiscounted cash flows and discounted cash flows

 

 

 

(14,814

)

Total right-of-use liabilities

 

$

 

12,216

 

 

Summary of Fixed and Variable Components of Operating Leases

The following table summarizes the fixed and variable components of the Company’s operating leases ($ in thousands):

 

 

 

For the Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Fixed lease payments

 

$

 

350,404

 

 

$

 

360,306

 

Variable lease payments

 

 

 

35,310

 

 

 

 

33,744

 

Rental revenue

 

$

 

385,714

 

 

$

 

394,050

 

 

Schedule of Undiscounted Future Minimum Rents Income Receivables

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, office, and certain other properties as of March 31, 2026 ($ in thousands). The table excludes leases at the Company’s multifamily and certain other properties including single-family and self-storage properties, which are short term, generally 12 months or less, and are therefore not included pursuant to Accounting Standards Codification 842-20-50.

 

Year

 

Future Minimum Rents

 

2026 (remaining)

 

$

 

192,444

 

2027

 

 

 

248,717

 

2028

 

 

 

218,473

 

2029

 

 

 

190,111

 

2030

 

 

 

159,720

 

2031

 

 

 

112,414

 

Thereafter

 

 

 

266,428

 

Total

 

$

 

1,388,307