As of June 30, 2026, the Company was party to approximately 1,000 leases, which include both properties owned directly and those operated under long-term ground leases. These lease agreements have contractual terms that extend through January 31, 2099, and many include tenant renewal options. Certain leases also provide tenants with early termination rights. During the three and six months ended June 30, 2026 and 2025, no single tenant or property collectively comprised more than 10% of the Company’s total revenues.

Lease terms generally range from one month to sixty years. In addition to fixed base rent, many leases include provisions for variable lease payments, such as reimbursements for operating expenses and rent based on a percentage of the tenant’s sales volume.

The following table presents the components of rental revenue, disaggregated into fixed and variable lease income (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Fixed lease revenue	$	73,187	$	78,871	$	151,880	$	163,074
Variable lease revenue		18,001		19,426		37,876		37,863
Total rental revenue	$	91,188	$	98,297	$	189,756	$	200,937

During the six months ended June 30, 2025, the Company recognized $8.4 million as rental and termination income related to a lease termination at City Center, a REIT Portfolio property, which is included in Other revenue on the Company’s Condensed Consolidated Statements of Operations.

The following table summarizes the Company’s scheduled future minimum rental payments under non-cancelable leases as of June 30, 2026 (in thousands):


	Minimum Rental Payments
Year Ending December 31,	Operating Leases (a)			Finance Leases (a)
2026 (Remainder)	$	2,856		$	681
2027		4,849			1,350
2028		4,646			1,396
2029		4,121			1,415
2030		4,077			1,495
Thereafter		8,988			153,824
		29,537			160,161
Interest		(5,685	)		(127,667	)
Total	$	23,852		$	32,494

(a)

Minimum rental payments include $5.7 million of interest related to operating leases and $127.7 million related to finance leases. These amounts exclude lease renewal options that are not reasonably certain to be exercised.

The following table summarizes additional lease cost information for the Company’s lessee arrangements (dollars in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	373	$	373	$	747	$	747
Interest on lease liabilities		525		513		1,047		1,025
Subtotal		898		886		1,794		1,772
Operating lease cost		1,318		1,409		2,635		2,715
Variable lease cost		48		105		85		194
Total lease cost	$	2,264	$	2,400	$	4,514	$	4,681

Cash Paid
Payments of operating lease obligations - operating activities	$	1,421	$	1,366	$	2,794	$	2,731
Payments of interest on finance lease obligations - operating activities		525		513		1,046		1,025
Payments of finance lease obligations - financing activities		317		132		665		378


	As of June 30,
	2026			2025
Other Information
Weighted-average remaining lease term - finance leases (years)		56.1			56.5
Weighted-average remaining lease term - operating leases (years)		7.9			8.3
Weighted-average discount rate - finance leases		6.5	%		6.5	%
Weighted-average discount rate - operating leases		5.2	%		5.1	%

During the six months ended June 30, 2025, the Company entered into a new corporate office lease and recorded a right-of-use assets - operating lease and corresponding lease liability - operating lease of $2.1 million.