v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Revenue Recognized Between Fixed and Variable Lease Revenue The table below sets forth our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
For the Years Ended December 31,
Lease revenue 202520242023
Fixed$543,300 $513,461 $478,585 
Variable170,880 157,905 141,262 
$714,180 $671,366 $619,847 
Schedule of Operating Leases Fixed Contractual Payments Due
Fixed contractual payments due under our property leases were as follows (in thousands):
As of December 31, 2025
Year Ending December 31,Operating leasesSales-type leases
2026$506,290 $960 
2027479,574 960 
2028407,473 960 
2029337,270 960 
2030268,762 675 
Thereafter1,284,857 — 
Total contractual payments$3,284,226 4,515 
Less: Amount representing interest(685)
Net investment in sales-type leases (1)$3,830 
(1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
Schedule of Sales-Type Leases Fixed Contractual Payments Due
Fixed contractual payments due under our property leases were as follows (in thousands):
As of December 31, 2025
Year Ending December 31,Operating leasesSales-type leases
2026$506,290 $960 
2027479,574 960 
2028407,473 960 
2029337,270 960 
2030268,762 675 
Thereafter1,284,857 — 
Total contractual payments$3,284,226 4,515 
Less: Amount representing interest(685)
Net investment in sales-type leases (1)$3,830 
(1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
Schedule of Property Right-of-Use Assets and Lease Liabilities
The table below sets forth our property right-of-use assets and property lease liabilities on our consolidated balance sheets (in thousands):
As of December 31,
LeasesBalance Sheet Location20252024
Right-of-use assets
Operating leases - PropertyProperty - operating lease right-of-use assets$50,383 $55,760 
Finance leases - PropertyPrepaid expenses and other assets, net5,373 2,491 
Total right-of-use assets$55,756 $58,251 
Lease liabilities
Operating leases - PropertyProperty - operating lease liabilities$45,012 $49,240 
Finance leases - PropertyOther liabilities363 391 
Total lease liabilities$45,375 $49,631 
Schedule of Property Lease Cost and Effect of Property Lease Payments on Consolidated Statements of Cash Flows The table below presents our total property lease cost (in thousands):
Statement of Operations LocationFor the Years Ended December 31,
Lease cost202520242023
Operating lease cost
Property leases - fixedProperty operating expenses$9,088 $7,845 $6,955 
Property leases - variableProperty operating expenses108 246 66 
Finance lease cost
Amortization of property right-of-use assetsProperty operating expenses76 74 76 
Interest on lease liabilitiesInterest expense35 37 42 
$9,307 $8,202 $7,139 

The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Years Ended December 31,
Supplemental cash flow information202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases$7,940 $7,002 $6,056 
Operating cash flows for finance leases$35 $37 $42 
Financing cash flows for finance leases$28 $24 $20 
Schedule of Property Operating Lease, Liability, Maturity
Payments on property leases were due as follows (in thousands):
December 31, 2025
Year Ending December 31,Operating LeasesFinance Leases
2026$8,218 $65 
20278,418 67 
20282,838 69 
20292,094 71 
20302,129 73 
Thereafter151,870 153 
Total lease payments175,567 498 
Less: Amount representing interest(130,555)(135)
Lease liability$45,012 $363 
Schedule of Property Finance Lease, Liability, Maturity
Payments on property leases were due as follows (in thousands):
December 31, 2025
Year Ending December 31,Operating LeasesFinance Leases
2026$8,218 $65 
20278,418 67 
20282,838 69 
20292,094 71 
20302,129 73 
Thereafter151,870 153 
Total lease payments175,567 498 
Less: Amount representing interest(130,555)(135)
Lease liability$45,012 $363