v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases
Scheduled future minimum base rent due to be received under the remaining non-cancelable term of operating leases in place as of June 30, 2026 were as follows:
(in thousands)
Future Minimum Base Rent Due
July 1 - December 31, 2026$422,081 
2027568,656 
2028574,530 
2029579,931 
2030581,571 
Thereafter
7,025,291 
Total$9,752,060 
Schedule of Components of Fixed and Variable Lease Revenues
The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Contingent rent$276 $236 $370 $442 
The Company recorded the following adjustments to rental revenue for tenant credit during the periods presented:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Adjustment to rental revenue for tenant credit$(2,891)$(194)$(4,310)$(1,759)
The fixed and variable components of lease revenues for the three and six months ended June 30, 2026 and 2025 were as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Fixed lease revenues$154,201 $128,413 $304,433 $250,318 
Variable lease revenues (1)
778 1,189 1,675 2,925 
Total lease revenues (2)
$154,979 $129,602 $306,108 $253,243 
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(1)Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants.
(2)Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.
Schedule of Information Related to Measurement of Lease Liabilities
The following table sets forth information related to the measurement of the Company’s lease liabilities as of the dates presented:
June 30, 2026December 31, 2025
Weighted average remaining lease term (in years)19.924.4
Weighted average discount rate7.22%6.86%
Schedule of Rent Expense
The following table sets forth the details of rent expense for the three and six months ended June 30, 2026 and 2025:
Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Fixed rent expense - ground leases$174 $171 $348 $343 
Fixed rent expense - office and equipment leases181 180 412 359 
Variable rent expense— — — — 
Total rent expense$355 $351 $760 $702 
Schedule of Future Lease Payments Due from Company Under Ground, Office and Equipment Operating Leases
As of June 30, 2026, future lease payments under office and equipment operating leases to be paid by the Company directly and future lease payments under ground leases where the Company’s tenants are directly responsible for payment over the next five years and thereafter were as follows:
(in thousands)Office and Equipment LeasesGround LeasesTotal Future Minimum Base Rental Payments
July 1 - December 31, 2026$336 $348 $684 
2027773 705 1,478 
2028790 729 1,519 
2029628 743 1,371 
2030579 754 1,333 
Thereafter5,019 17,260 22,279 
Total$8,125 $20,539 28,664 
Present value discount(15,363)
Lease liabilities$13,301