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, | | 2026 | | 2025 | | 2026 | | 2025 | | Lease income - operating leases | | | | | | | | | Minimum lease payments | $ | 101 | | | $ | 91 | | | $ | 297 | | | $ | 268 | | | Variable lease payments | 124 | | | 125 | | | 345 | | | 349 | | | Amortization of favorable and unfavorable income lease contracts, net | — | | | — | | | 1 | | | 1 | | | Subtotal - lease income from operating leases | 225 | | | 216 | | | 643 | | | 618 | | | Earned income on direct financing and sales-type leases | — | | | 1 | | | 2 | | | 3 | | | Total property revenues | $ | 225 | | | $ | 217 | | | $ | 645 | | | $ | 621 | |
|