Leases (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Leases [Abstract] |
|
| Schedule of Lease Payments to be Received |
As of June 30, 2026, the following table sets forth the undiscounted cash flows for future minimum base rents due under operating leases for the remaining six months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter for properties that we wholly own (in thousands):
|
|
|
|
|
Year |
|
Amount |
|
2026 |
|
$ |
58,629 |
|
2027 |
|
|
114,690 |
|
2028 |
|
|
105,647 |
|
2029 |
|
|
94,221 |
|
2030 |
|
|
82,443 |
|
Thereafter |
|
|
440,440 |
|
Total |
|
$ |
896,070 |
|
|
| Schedule of Lease Costs |
The components of lease costs were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Lease Cost |
|
Classification |
|
2026 |
|
|
2025 |
|
Operating lease cost(1) |
|
Property operating expenses, rental
expenses or general and
administrative expenses |
|
$ |
8,176 |
|
|
$ |
8,708 |
|
Finance lease cost: |
|
|
|
|
|
|
|
|
Amortization of leased assets |
|
Depreciation and amortization |
|
|
6 |
|
|
|
16 |
|
Interest on lease liabilities |
|
Interest expense |
|
|
2 |
|
|
|
3 |
|
Sublease income |
|
Resident fees and services revenue
or other income |
|
|
(53 |
) |
|
|
(95 |
) |
Total lease cost |
|
|
|
$ |
8,131 |
|
|
$ |
8,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
Lease Cost |
|
Classification |
|
2026 |
|
|
2025 |
|
Operating lease cost(1) |
|
Property operating expenses, rental
expenses or general and
administrative expenses |
|
$ |
16,373 |
|
|
$ |
17,649 |
|
Finance lease cost: |
|
|
|
|
|
|
|
|
Amortization of leased assets |
|
Depreciation and amortization |
|
|
13 |
|
|
|
32 |
|
Interest on lease liabilities |
|
Interest expense |
|
|
4 |
|
|
|
7 |
|
Sublease income |
|
Resident fees and services revenue
or other income |
|
|
(106 |
) |
|
|
(236 |
) |
Total lease cost |
|
|
|
$ |
16,284 |
|
|
$ |
17,452 |
|
(1)Includes short-term leases and variable lease costs, which are immaterial. Additional information related to our leases for the periods presented below was as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
Lease Term and Discount Rate |
|
June 30,
2026 |
|
|
December 31,
2025 |
|
Weighted average remaining lease term (in years): |
|
|
|
|
|
|
Operating leases |
|
|
11.1 |
|
|
|
11.4 |
|
Finance leases |
|
|
3.1 |
|
|
|
3.6 |
|
Weighted average discount rate: |
|
|
|
|
|
|
Operating leases |
|
|
5.86 |
% |
|
|
5.85 |
% |
Finance leases |
|
|
11.25 |
% |
|
|
11.25 |
% |
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
Supplemental Disclosure of Cash Flows Information |
|
2026 |
|
|
2025 |
|
Operating cash outflows related to finance leases |
|
$ |
4 |
|
|
$ |
7 |
|
Financing cash outflows related to finance leases |
|
$ |
14 |
|
|
$ |
29 |
|
Right-of-use assets obtained in exchange for operating lease liabilities |
|
$ |
185 |
|
|
$ |
1,281 |
|
|
| Schedule of Operating Lease Liabilities |
As of June 30, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining six months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as the reconciliation of those cash flows to operating lease liabilities on our accompanying condensed consolidated balance sheet (in thousands):
|
|
|
|
|
Year |
|
Amount |
|
2026 |
|
$ |
14,283 |
|
2027 |
|
|
29,090 |
|
2028 |
|
|
29,419 |
|
2029 |
|
|
28,515 |
|
2030 |
|
|
26,625 |
|
Thereafter |
|
|
66,129 |
|
Total undiscounted operating lease payments |
|
|
194,061 |
|
Less: interest |
|
|
(69,202 |
) |
Present value of operating lease liabilities |
|
$ |
124,859 |
|
|
| Schedule of Finance Lease Liabilities and Financing Obligations |
As of June 30, 2026, the following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments for the remaining six months ending December 31, 2026 and for each of the next four years ending December 31 and thereafter, as well as a reconciliation of those cash flows to finance lease liabilities and financing obligations (in thousands):
|
|
|
|
|
Year |
|
Amount |
|
2026 |
|
$ |
1,532 |
|
2027 |
|
|
2,846 |
|
2028 |
|
|
2,465 |
|
2029 |
|
|
19,245 |
|
2030 |
|
|
92 |
|
Thereafter |
|
|
— |
|
Total undiscounted payments |
|
|
26,180 |
|
Less: interest |
|
|
(6,853 |
) |
Present value of finance lease liabilities and financing obligations |
|
$ |
19,327 |
|
|