As of September 30, 2026, the Company was party to approximately 1,000 leases, which include both properties owned directly and those operated under long-term ground leases. These lease agreements have contractual terms that extend through December 31, 2099, and many include tenant renewal options. Certain leases also provide tenants with early termination rights. During the three and nine months ended September 30, 2026 and 2025, no single tenant or property collectively comprised more than 10% of the Company’s total revenues.

Lease terms generally range from one month to sixty years. In addition to fixed base rent, many leases include provisions for variable lease payments, such as reimbursements for operating expenses and rent based on a percentage of the tenant’s sales volume.

The following table presents the components of rental revenue, disaggregated into fixed and variable lease income (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Fixed lease revenue	$	74,208	$	80,558	$	226,088	$	243,631
Variable lease revenue		16,187		18,156		54,063		56,020
Total rental revenue	$	90,395	$	98,714	$	280,151	$	299,651

During the nine months ended September 30, 2025, the Company recognized $8.4 million as rental and termination income related to a lease termination at City Center, a REIT Portfolio property, which is included in Other revenue on the Company’s Condensed Consolidated Statements of Operations.

The following table summarizes the Company’s scheduled future minimum rental payments under non-cancelable leases as of September 30, 2026 (in thousands):


	Minimum Rental Payments
Year Ending December 31,	Operating Leases (a)			Finance Leases (a)
2026 (Remainder)	$	1,367		$	333
2027		5,443			1,350
2028		5,390			1,396
2029		4,887			1,415
2030		4,866			1,495
Thereafter		10,331			153,825
		32,284			159,814
Interest		(6,003	)		(127,140	)
Total	$	26,281		$	32,674

(a)

Minimum rental payments include $6.0 million of interest related to operating leases and $127.1 million related to finance leases. These amounts exclude lease renewal options that are not reasonably certain to be exercised.

The following table summarizes additional lease cost information for the Company’s lessee arrangements (dollars in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	374	$	374	$	1,121	$	1,121
Interest on lease liabilities		528		512		1,575		1,541
Subtotal		902		886		2,696		2,662
Operating lease cost		1,332		1,409		3,967		4,124
Variable lease cost		43		38		128		232
Total lease cost	$	2,277	$	2,333	$	6,791	$	7,018

Cash Paid
Payments of operating lease obligations - operating activities	$	1,444	$	1,365	$	4,238	$	4,097
Payments of interest on finance lease obligations - operating activities		528		516		1,574		1,541
Payments of finance lease obligations - financing activities		348		179		1,013		557


	As of September 30,
	2026			2025
Other Information
Weighted-average remaining lease term - finance leases (years)		56.0			56.4
Weighted-average remaining lease term - operating leases (years)		7.6			8.2
Weighted-average discount rate - finance leases		6.5	%		6.5	%
Weighted-average discount rate - operating leases		5.1	%		5.1	%

During the nine months ended September 30, 2026, the Company entered into a new corporate office lease and recorded a right-of-use assets - operating lease and corresponding lease liability - operating lease of $3.8 million. During the nine months ended September 30, 2025, the Company entered into a new corporate office lease and recorded a right-of-use assets - operating lease and corresponding lease liability - operating lease of $2.1 million.