Leases |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Lessor Arrangements As of June 30, 2026, the Company’s leases had a weighted-average remaining lease term of 5.7 years. Lessee Arrangements As of June 30, 2026, the Company leases land under 16 ground leases associated with certain properties and also has two operating leases for office space. The aggregate durations for the ground leases and operating leases range from 4.0 to 118 years as of June 30, 2026. The Company did not enter into any new ground or operating leases during the first six months of 2026. As of June 30, 2026 and December 31, 2025, the Company’s balance sheets include ROU assets of $61.0 million and $63.4 million, respectively, and operating lease liabilities of $40.0 million and $41.4 million, respectively. In determining the operating ROU assets and lease liabilities for the Company’s operating leases in accordance with lease accounting rules, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. As of June 30, 2026, the Company’s ground leases and operating leases have a weighted-average remaining lease term of approximately 23.6 years and a weighted-average discount rate of 5.43%. For the three and six months ended June 30, 2026, the Company paid cash of approximately $0.8 million and $1.6 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $0.4 million and $0.8 million, respectively, on a straight-line basis. For the three and six months ended June 30, 2025, the Company paid cash of approximately $0.7 million and $1.7 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $0.4 million and $0.8 million, respectively, on a straight-line basis. The following table reflects the base cash rental payments due from the Company as of June 30, 2026:
________ (1)Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.14 for EUR as of June 30, 2026 for illustrative purposes, as applicable. (2)Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Lessor Arrangements As of June 30, 2026, the Company’s leases had a weighted-average remaining lease term of 5.7 years. Lessee Arrangements As of June 30, 2026, the Company leases land under 16 ground leases associated with certain properties and also has two operating leases for office space. The aggregate durations for the ground leases and operating leases range from 4.0 to 118 years as of June 30, 2026. The Company did not enter into any new ground or operating leases during the first six months of 2026. As of June 30, 2026 and December 31, 2025, the Company’s balance sheets include ROU assets of $61.0 million and $63.4 million, respectively, and operating lease liabilities of $40.0 million and $41.4 million, respectively. In determining the operating ROU assets and lease liabilities for the Company’s operating leases in accordance with lease accounting rules, the Company was required to estimate an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. Since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the Company’s estimate of this rate required significant judgment. As of June 30, 2026, the Company’s ground leases and operating leases have a weighted-average remaining lease term of approximately 23.6 years and a weighted-average discount rate of 5.43%. For the three and six months ended June 30, 2026, the Company paid cash of approximately $0.8 million and $1.6 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $0.4 million and $0.8 million, respectively, on a straight-line basis. For the three and six months ended June 30, 2025, the Company paid cash of approximately $0.7 million and $1.7 million, respectively, for amounts included in the measurement of lease liabilities and recorded expense of $0.4 million and $0.8 million, respectively, on a straight-line basis. The following table reflects the base cash rental payments due from the Company as of June 30, 2026:
________ (1)Assumes exchange rates of £1.00 to $1.32 for GBP and €1.00 to $1.14 for EUR as of June 30, 2026 for illustrative purposes, as applicable. (2)Ground lease rental payments due for the Company’s ING Amsterdam lease are not included in the table above as the Company’s ground rent for this property is prepaid through 2050.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||