v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases
15. Leases
Lessee Accounting
We lease land under non-cancelable operating leases at certain properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2033.
Future minimum lease payments under non-cancellable leases as of June 30, 2026 where we are the lessee include (in millions):
Operating Leases
2026 (excluding six months ended June 30, 2026)
$1.6 
20272.8 
20282.3 
20292.2 
20302.2 
Thereafter28.9 
Total Lease Payments40.0 
Less: Imputed interest(17.4)
Present Value of Lease Liabilities$22.6 
Right-of-use assets and lease liabilities for operating leases as included in our Condensed Consolidated Balance Sheets are as follows (in millions):
Financial Statement ClassificationAs of
June 30, 2026December 31, 2025
Right-of-use lease assets, netOther assets, net$43.5 $44.8 
Lease liabilitiesOther liabilities$22.6 $23.9 
The components of lease costs for operating leases as included in our Condensed Consolidated Statements of Operations are as follows (in millions):
Financial Statement Classification
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Operating lease costGeneral and administrative expense, Property operating and maintenance,
Depreciation and amortization		$0.7 $1.0 $1.5 $1.4 
Variable lease costProperty operating and maintenance0.5 0.4 1.0 0.8 
Total Lease Cost$1.2 $1.4 $2.5 $2.2 
Lease term, discount rates, and additional information for operating leases are as follows:
As of
Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted-average remaining lease terms (years)28.0227.20
Weighted-average discount rate4.03 %3.95 %
Six Months Ended June 30,
Other Information (in millions)
2026
2025
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases$1.5 $1.4 
Financing cash outflows for finance leases— 4.1 
Total Cash Paid on Lease Liabilities$1.5 $5.5 
Lessor Accounting
We are not the lessor for any finance leases at our properties as of June 30, 2026. Nearly all of our operating leases with our residents and customers at our properties where we are the lessor are for a time period not to exceed one year or month-to-month. As of June 30, 2026, future minimum lease payments with our residents or customers would not exceed 12 months.
Future minimum lease payments for operating leases with real estate operators at our properties were not material as of June 30, 2026.
Leases
15. Leases
Lessee Accounting
We lease land under non-cancelable operating leases at certain properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2033.
Future minimum lease payments under non-cancellable leases as of June 30, 2026 where we are the lessee include (in millions):
Operating Leases
2026 (excluding six months ended June 30, 2026)
$1.6 
20272.8 
20282.3 
20292.2 
20302.2 
Thereafter28.9 
Total Lease Payments40.0 
Less: Imputed interest(17.4)
Present Value of Lease Liabilities$22.6 
Right-of-use assets and lease liabilities for operating leases as included in our Condensed Consolidated Balance Sheets are as follows (in millions):
Financial Statement ClassificationAs of
June 30, 2026December 31, 2025
Right-of-use lease assets, netOther assets, net$43.5 $44.8 
Lease liabilitiesOther liabilities$22.6 $23.9 
The components of lease costs for operating leases as included in our Condensed Consolidated Statements of Operations are as follows (in millions):
Financial Statement Classification
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Operating lease costGeneral and administrative expense, Property operating and maintenance,
Depreciation and amortization		$0.7 $1.0 $1.5 $1.4 
Variable lease costProperty operating and maintenance0.5 0.4 1.0 0.8 
Total Lease Cost$1.2 $1.4 $2.5 $2.2 
Lease term, discount rates, and additional information for operating leases are as follows:
As of
Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted-average remaining lease terms (years)28.0227.20
Weighted-average discount rate4.03 %3.95 %
Six Months Ended June 30,
Other Information (in millions)
2026
2025
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases$1.5 $1.4 
Financing cash outflows for finance leases— 4.1 
Total Cash Paid on Lease Liabilities$1.5 $5.5 
Lessor Accounting
We are not the lessor for any finance leases at our properties as of June 30, 2026. Nearly all of our operating leases with our residents and customers at our properties where we are the lessor are for a time period not to exceed one year or month-to-month. As of June 30, 2026, future minimum lease payments with our residents or customers would not exceed 12 months.
Future minimum lease payments for operating leases with real estate operators at our properties were not material as of June 30, 2026.
Leases
15. Leases
Lessee Accounting
We lease land under non-cancelable operating leases at certain properties expiring at various dates through 2085. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2033.
Future minimum lease payments under non-cancellable leases as of June 30, 2026 where we are the lessee include (in millions):
Operating Leases
2026 (excluding six months ended June 30, 2026)
$1.6 
20272.8 
20282.3 
20292.2 
20302.2 
Thereafter28.9 
Total Lease Payments40.0 
Less: Imputed interest(17.4)
Present Value of Lease Liabilities$22.6 
Right-of-use assets and lease liabilities for operating leases as included in our Condensed Consolidated Balance Sheets are as follows (in millions):
Financial Statement ClassificationAs of
June 30, 2026December 31, 2025
Right-of-use lease assets, netOther assets, net$43.5 $44.8 
Lease liabilitiesOther liabilities$22.6 $23.9 
The components of lease costs for operating leases as included in our Condensed Consolidated Statements of Operations are as follows (in millions):
Financial Statement Classification
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
Operating lease costGeneral and administrative expense, Property operating and maintenance,
Depreciation and amortization		$0.7 $1.0 $1.5 $1.4 
Variable lease costProperty operating and maintenance0.5 0.4 1.0 0.8 
Total Lease Cost$1.2 $1.4 $2.5 $2.2 
Lease term, discount rates, and additional information for operating leases are as follows:
As of
Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted-average remaining lease terms (years)28.0227.20
Weighted-average discount rate4.03 %3.95 %
Six Months Ended June 30,
Other Information (in millions)
2026
2025
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases$1.5 $1.4 
Financing cash outflows for finance leases— 4.1 
Total Cash Paid on Lease Liabilities$1.5 $5.5 
Lessor Accounting
We are not the lessor for any finance leases at our properties as of June 30, 2026. Nearly all of our operating leases with our residents and customers at our properties where we are the lessor are for a time period not to exceed one year or month-to-month. As of June 30, 2026, future minimum lease payments with our residents or customers would not exceed 12 months.
Future minimum lease payments for operating leases with real estate operators at our properties were not material as of June 30, 2026.