Leases

6 Months Ended

Jun. 30, 2026

Tenant Lessor Arrangements

The majority of lease payments we receive from our residents are fixed. We receive variable payments from our residents primarily for utility reimbursements. Our total lease income was comprised of the following amounts for all operating leases (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fixed lease income	$	172,936	$	180,686	$	348,594	$	365,935
Variable lease income	14,670		14,410		28,110		27,931
Total lease income	$	187,606	$	195,096	$	376,704	$	393,866

Generally, our residential leases do not provide extension options and, as of June 30, 2026, have an average remaining term of 7.5 months. In general, our commercial leases have options to extend for a certain period of time at the tenant’s option. As of June 30, 2026, future minimum annual rental payments we are contractually obligated to receive under residential and commercial leases, excluding such extension options, are as follows (in thousands):


2026 (remaining)	$	275,551
2027	268,216
2028	47,909
2029	10,705
2030	9,329
Thereafter	22,236
Total	$	633,946