Leases (Tables)

9 Months Ended

Sep. 30, 2026

Future lease payments to be received under the terms of our operating lease agreements, excluding expense

reimbursements, in effect as of September 30, 2026 are outlined in the table below (in thousands):

The components of our aggregate net investment in our direct financing and sales-type leases as of September 30, 2026 and

December 31, 2025 are summarized in the table below (in thousands):


	September 30, 2026	December 31, 2025
Gross investment in direct financing and sales-type leases	$264,805	$265,839
Less: unearned income on direct financing lease	(202,985)	(205,037)
Less: provision for expected credit losses	(1,817)	(1,817)
Net investment in leases	$60,003	$58,985

Future lease payments to be received under the terms of our direct financing and sales-type leases as of September 30, 2026

are outlined in the table below (in thousands):

Our income from rentals includes revenue related to agreements for the rental of our real estate, which primarily includes

revenues subject to the lease accounting standard and the revenue recognition accounting standard as shown below (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Income from rentals:
Revenues subject to the lease accounting standard:
Operating leases	$641,492	$722,643	$1,911,559	$2,176,999
Direct financing and sales-type leases	686	1,409	2,542	3,308
Revenues subject to the lease accounting standard	642,178	724,052	1,914,101	2,180,307
Revenues subject to the revenue recognition accounting standard	11,440	11,797	35,740	35,996
Income from rentals	$653,618	$735,849	$1,949,841	$2,216,303

The reconciliation of future lease payments under noncancelable operating leases in which we are the lessee to the operating

lease liability reflected in our unaudited consolidated balance sheet as of September 30, 2026 is in the table below (in thousands):


Year		Total
2026		$4,989
2027		21,003
2028		21,318
2029		20,825
2030		20,743
Thereafter		665,496
Total future payments under our operating leases in which we are the lessee		754,374
Effect of discounting		(400,346)
Operating lease liability		$354,028

For the three and nine months ended September 30, 2026 and 2025, our costs for operating leases in which we are the lessee

were as follows (in thousands):


	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Gross operating lease costs	$8,006	$11,525	$24,426	$36,743
Capitalized lease costs	(1,027)	(880)	(2,872)	(2,293)
Expenses for operating leases in which we are the lessee	$6,979	$10,645	$21,554	$34,450