v3.26.3
Leases
9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Leases Leases
Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Lease income - operating leases
Minimum lease payments$101 $91 $297 $268 
Variable lease payments124 125 345 349 
Amortization of favorable and unfavorable income lease contracts, net— — 1 1 
Subtotal - lease income from operating leases225 216 643 618 
Earned income on direct financing and sales-type leases— 1 2 3 
Total property revenues$225 $217 $645 $621 
Leases Leases
Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Lease income - operating leases
Minimum lease payments$101 $91 $297 $268 
Variable lease payments124 125 345 349 
Amortization of favorable and unfavorable income lease contracts, net— — 1 1 
Subtotal - lease income from operating leases225 216 643 618 
Earned income on direct financing and sales-type leases— 1 2 3 
Total property revenues$225 $217 $645 $621 
Leases Leases
Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Lease income - operating leases
Minimum lease payments$101 $91 $297 $268 
Variable lease payments124 125 345 349 
Amortization of favorable and unfavorable income lease contracts, net— — 1 1 
Subtotal - lease income from operating leases225 216 643 618 
Earned income on direct financing and sales-type leases— 1 2 3 
Total property revenues$225 $217 $645 $621 
Leases Leases
Property revenues consist primarily of lease income from operating leases and earned income on direct financing leases and sales-type leases with franchisees as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026202520262025
Lease income - operating leases
Minimum lease payments$101 $91 $297 $268 
Variable lease payments124 125 345 349 
Amortization of favorable and unfavorable income lease contracts, net— — 1 1 
Subtotal - lease income from operating leases225 216 643 618 
Earned income on direct financing and sales-type leases— 1 2 3 
Total property revenues$225 $217 $645 $621