Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $79,347, $80,720 and $76,572 for the years ended December 31, 2025, 2024 and 2023, respectively. The following table summarizes the future contractual lease payments due from our tenants as of December 31, 2025:
Geographic Concentration We define annualized rental revenues as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, including straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding amortization of deferred leasing costs. Our Hawaii Properties represented 27.8% and 28.0% of our annualized rental revenues as of December 31, 2025 and 2024, respectively. Tenant Concentration FedEx Corporation and its subsidiaries, or FedEx, and Amazon.com Services, Inc. and its subsidiaries, or Amazon, represented 27.9% and 7.3% of our annualized rental revenues as of December 31, 2025, respectively, and 29.1% and 6.8% as of December 31, 2024, respectively.
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