Leases (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Leases [Abstract] |
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| Schedule of lease income |
The following table includes information regarding contractual lease payments for the Company’s operating leases for which it is the lessor, for the periods presented (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Total lease payments | | $ | 211,561 | | | $ | 180,348 | | | $ | 418,080 | | | $ | 354,087 | | | Less: Operating cost reimbursements, termination income and percentage rents | | 22,903 | | | 19,947 | | | 48,466 | | | 39,742 | | | Total non-variable lease payments | | $ | 188,658 | | | $ | 160,401 | | | $ | 369,614 | | | $ | 314,345 | |
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| Schedule of lease income to be received |
At June 30, 2026, future non-variable lease payments to be received from the Company’s operating leases are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ending December 31, | | 2026 (remaining) | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Total | | Future non-variable lease payments | | $ | 387,947 | | | $ | 767,868 | | | $ | 733,251 | | | $ | 679,384 | | | $ | 610,867 | | | $ | 3,053,239 | | | $ | 6,232,556 | |
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| Schedule of lease costs |
The following table includes information on the Company’s land leases for which it is the lessee, for the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Operating leases: | | | | | | | | | | Operating cash outflows | | $ | 454 | | | $ | 444 | | | $ | 928 | | | $ | 881 | | | Weighted-average remaining lease term - operating leases (years) | | 28.4 | | 32.1 | | 28.4 | | 32.1 | | | | | | | | | | | Finance leases: | | | | | | | | | | Operating cash outflows | | $ | 78 | | | $ | 48 | | | $ | 125 | | | $ | 96 | | | Financing cash outflows | | $ | 10 | | | $ | 3 | | | $ | 33 | | | $ | 5 | | | Weighted-average remaining lease term - finance leases (years) | | 24.6 | | 26.6 | | 24.6 | | 26.6 | | | | | | | | | | | Supplemental Disclosure: | | | | | | | | | | Right of use assets added under new ground leases | | $ | — | | | $ | — | | | $ | 963 | | | $ | 1,767 | | | Right of use assets removed as a result of acquisition of real property | | $ | — | | | $ | (2,736) | | | $ | — | | | $ | (2,736) | | | Right of use assets net change | | $ | — | | | $ | (2,736) | | | $ | 963 | | | $ | (969) | |
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| Schedule of maturity analysis of lease liabilities for operating land leases |
The following table is a maturity analysis of lease liabilities for operating land leases as of June 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ending December 31, | | 2026 (remaining) | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Total | | Lease payments | | $ | 925 | | | $ | 1,919 | | | $ | 1,896 | | | $ | 1,886 | | | $ | 1,651 | | | $ | 27,393 | | | $ | 35,670 | | | Imputed interest | | (428) | | | (819) | | | (763) | | | (705) | | | (647) | | | (12,688) | | | (16,050) | | | Total lease liabilities | | $ | 497 | | | $ | 1,100 | | | $ | 1,133 | | | $ | 1,181 | | | $ | 1,004 | | | $ | 14,705 | | | $ | 19,620 | |
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| Schedule of maturity analysis of lease liabilities for finance land leases |
The following table is a maturity analysis of lease liabilities for finance land leases as of June 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ending December 31, | | 2026 (remaining) | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Total | | Lease payments | | $ | 176 | | | $ | 351 | | | $ | 351 | | | $ | 352 | | | $ | 355 | | | $ | 8,955 | | | $ | 10,540 | | | Imputed interest | | (155) | | | (309) | | | (306) | | | (304) | | | (301) | | | (3,966) | | | (5,341) | | | Total lease liabilities | | $ | 21 | | | $ | 42 | | | $ | 45 | | | $ | 48 | | | $ | 54 | | | $ | 4,989 | | | $ | 5,199 | |
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