The tables below present financial and supplemental information associated with our leases. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | Lease Cost(1) (in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Operating lease cost | $ | 425 | | | $ | 404 | | | $ | 1,170 | | | $ | 1,209 | | | Variable lease cost | 3 | | | 28 | | | 26 | | | 76 | | | Sublease income | — | | | (32) | | | — | | | (95) | | | Total lease cost | $ | 428 | | | $ | 400 | | | $ | 1,196 | | | $ | 1,190 | |
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | Other Information (in thousands) | 2026 | | 2025 | | 2026 | | 2025 | | Cash paid for amounts included in the measurement of operating lease liabilities | $ | 436 | | | $ | 533 | | | $ | 1,308 | | | $ | 1,355 | | | Right-of-use assets obtained in connection with the remeasurement of the lease liability | $ | 3,059 | | | $ | — | | | $ | 3,059 | | | $ | — | |
| | | | | | | | | | | | | Lease Term and Discount Rate | September 30, 2026 | | December 31, 2025 | Weighted-average remaining lease term(1) | 34.7 years | | 46.2 years | Weighted-average discount rate(2) | 4.47 | % | | 4.13 | % |
(1)Includes the impact of extension options that we are reasonably certain to exercise. (2)Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.
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