Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Lease income - operating leases | | | | | | | | | Minimum lease payments | $ | 99 | | | $ | 90 | | | $ | 196 | | | $ | 177 | | | Variable lease payments | 121 | | | 127 | | | 221 | | | 224 | | | Amortization of favorable and unfavorable income lease contracts, net | 1 | | | 1 | | | 1 | | | 1 | | | Subtotal - lease income from operating leases | 221 | | | 218 | | | 418 | | | 402 | | | Earned income on direct financing and sales-type leases | 1 | | | 1 | | | 2 | | | 2 | | | Total property revenues | $ | 222 | | | $ | 219 | | | $ | 420 | | | $ | 404 | |
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