Leases (Tables)

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Summary Of Operating Lease Income

The disaggregation of the Company’s lease income, which is included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the three and nine months ended September 30, 2026 and 2025, was as follows (in thousands):


		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Lease income:
Fixed lease income (1)		$	431,609			$	418,855			$	1,284,584			$	1,248,753
Variable lease income (2)			105,259				104,835				337,917				323,651
Above-market and below-market leases amortization, net			4,871				9,656				24,996				22,300
Adjustments for potentially uncollectible lease income or disputed amounts			(2,014	)			(2,233	)			(8,537	)			(11,375	)
Total lease income		$	539,725			$	531,113			$	1,638,960			$	1,583,329

(1)

Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.

(2)

Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.

Summary of Lease Expense

The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2026 and 2025, were as follows (in thousands):


		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Lease cost:
Finance lease cost		$	-			$	-			$	-			$	43
Operating lease cost			3,688				3,600				10,886				10,641
Variable lease cost			621				656				1,851				2,221
Total lease cost		$	4,309			$	4,256			$	12,737			$	12,905