v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Income
The following table summarizes the Company’s lease income (dollars in thousands). Rental income from the OMF operating leases consists of fixed and variable lease payments. The variable payments primarily represent reimbursements of various property-level operating and maintenance expenses that the Company pays on behalf of its tenants. These amounts exclude SHOP leases which are short-term in nature.
Year ended December 31,
202520242023
Fixed income from operating leases
$94,328 $111,843 $111,447 
Variable income from operating leases
22,415 25,441 24,003 
Schedule of Future Base Rent Payments
The following table presents future base rent payments on a cash basis due to the Company as of December 31, 2025 over the next five years and thereafter (dollars in thousands). These amounts exclude tenant reimbursements and contingent rent payments, as applicable, that may be collected from certain tenants based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items. These amounts also exclude SHOP leases which are short-term in nature.
Future Base Rent
Payments
2026$89,638 
202782,049 
202871,094 
202962,817 
203057,680 
Thereafter229,283 
$592,561 
Schedule of Operating Lease, Liability, Maturity
The following table presents future minimum lease payments under non-cancelable ground and corporate operating leases as well as direct financing leases included in the Company’s operating lease liability as of December 31, 2025 (dollars in thousands):
Future Base Rent Payments
Operating Leases
Direct Financing Leases (1)
2026$971 $79 
2027941 81 
2028668 83 
2029599 85 
2030602 87 
Thereafter18,440 5,759 
Total minimum lease payments22,221 6,174 
Less: amounts representing interest(13,754)(2,158)
Total present value of minimum lease payments$8,467 $4,016 
__________
(1)The direct financing lease liability is included in accounts payable and accrued expenses on the Company’s consolidated balance sheets. The direct financing lease asset is included as part of building, fixtures and improvements as the land component was not required to be bifurcated.
Schedule of Finance Lease, Liability, Maturity
The following table presents future minimum lease payments under non-cancelable ground and corporate operating leases as well as direct financing leases included in the Company’s operating lease liability as of December 31, 2025 (dollars in thousands):
Future Base Rent Payments
Operating Leases
Direct Financing Leases (1)
2026$971 $79 
2027941 81 
2028668 83 
2029599 85 
2030602 87 
Thereafter18,440 5,759 
Total minimum lease payments22,221 6,174 
Less: amounts representing interest(13,754)(2,158)
Total present value of minimum lease payments$8,467 $4,016 
__________
(1)The direct financing lease liability is included in accounts payable and accrued expenses on the Company’s consolidated balance sheets. The direct financing lease asset is included as part of building, fixtures and improvements as the land component was not required to be bifurcated.