v3.26.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Schedule of Future Minimum Base Rental Payments due to be Received Under Remaining Non-Cancelable Term of Operating Leases
Scheduled future minimum base rent due to be received under the remaining non-cancelable term of operating leases in place as of September 30, 2026 were as follows:
(in thousands)
Future Minimum Base Rent Due
October 1 - December 31, 2026$147,003 
2027588,852 
2028595,608 
2029601,368 
2030603,402 
Thereafter
7,412,876 
Total$9,949,109 
Schedule of Components of Fixed and Variable Lease Revenues
The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2026202520262025
Contingent rent$238 $229 $608 $671 
The Company recorded the following adjustments to rental revenue for tenant credit during the periods presented:
Three months ended September 30,Nine months ended September 30,
(in thousands)2026202520262025
Adjustment to rental revenue for tenant credit$(1,932)$(994)$(6,242)$(2,753)
The fixed and variable components of lease revenues for the three and nine months ended September 30, 2026 and 2025 were as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2026202520262025
Fixed lease revenues$158,361 $137,002 $462,794 $387,320 
Variable lease revenues (1)
1,333 1,427 3,008 4,352 
Total lease revenues (2)
$159,694 $138,429 $465,802 $391,672 
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(1)Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants.
(2)Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.
Schedule of Information Related to Measurement of Lease Liabilities
The following table sets forth information related to the measurement of the Company’s lease liabilities as of the dates presented:
September 30, 2026December 31, 2025
Weighted average remaining lease term (in years)20.424.4
Weighted average discount rate7.31%6.86%
Schedule of Rent Expense
The following table sets forth the details of rent expense for the three and nine months ended September 30, 2026 and 2025:
Three months ended September 30,Nine months ended September 30,
(in thousands)2026202520262025
Fixed rent expense - ground leases$175 $174 $523 $517 
Fixed rent expense - office and equipment leases213 179 625 538 
Variable rent expense— — — — 
Total rent expense$388 $353 $1,148 $1,055 
Schedule of Future Lease Payments Due from Company Under Ground, Office and Equipment Operating Leases
As of September 30, 2026, future lease payments under office and equipment operating leases to be paid by the Company directly and future lease payments under ground leases where the Company’s tenants are directly responsible for payment over the next five years and thereafter were as follows:
(in thousands)Office and Equipment LeasesGround LeasesTotal Future Minimum Base Rental Payments
October 1 - December 31, 2026$191 $185 $376 
2027773 749 1,522 
2028790 772 1,562 
2029628 786 1,414 
2030579 798 1,377 
Thereafter5,019 18,916 23,935 
Total$7,980 $22,206 30,186 
Present value discount(16,531)
Lease liabilities$13,655