Quarterly report [Sections 13 or 15(d)]

Leases (Tables)

v3.25.2
Leases (Tables)
6 Months Ended
Jun. 30, 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 Three Months Ended June 30, For the Six Months Ended June 30,
Lease revenue 2025 2024 2025 2024
Fixed $ 136,334  $ 127,363  $ 268,025  $ 253,561 
Variable 39,264  38,256  82,881  77,491 
$ 175,598  $ 165,619  $ 350,906  $ 331,052 
Schedule of Property Right-of-use Assets and Lease Liabilities Our property right-of-use assets and property lease liabilities on our consolidated balance sheets consisted of the following (in thousands):
Leases Balance Sheet Location June 30,
2025
December 31,
2024
Right-of-use assets
Operating leases - Property Property - operating lease right-of-use assets $ 53,271  $ 55,760 
Finance leases - Property Prepaid expenses and other assets, net 2,454  2,491 
Total right-of-use assets $ 55,725  $ 58,251 
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 47,372  $ 49,240 
Finance leases - Property Other liabilities 377  391 
Total lease liabilities $ 47,749  $ 49,631 
Schedule of Property Lease Costs 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 Location For the Three Months Ended June 30, For the Six Months Ended June 30,
Lease cost 2025 2024 2025 2024
Operating lease cost
Property leases - fixed Property operating expenses $ 2,271  $ 1,899  $ 4,537  $ 3,758 
Property leases - variable Property operating expenses 27  143  54  177 
Finance lease cost
Amortization of property right-of-use assets Property operating expenses 18  18  37  37 
Interest on lease liabilities Interest expense 10  18  19 
$ 2,325  $ 2,070  $ 4,646  $ 3,991 
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Six Months Ended June 30,
Supplemental cash flow information 2025 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases $ 3,917  $ 3,476 
Operating cash flows for finance leases $ 18  $ 19 
Financing cash flows for finance leases $ 14  $ 12 
Schedule of Payments Due on Property Operating Leases
Payments on property leases were due as follows (in thousands):
June 30, 2025
Year Ending December 31, Operating Leases Finance Leases
2025 (1)
$ 4,021  $ 31 
2026 8,217  65 
2027 8,418  67 
2028 2,838  69 
2029 2,094  71 
Thereafter 154,000  226 
Total lease payments 179,588  529 
Less: Amount representing interest (132,216) (152)
Lease liability $ 47,372  $ 377 
(1)Represents the six months ending December 31, 2025.
Schedule of Payments Due on Property Finance Leases
Payments on property leases were due as follows (in thousands):
June 30, 2025
Year Ending December 31, Operating Leases Finance Leases
2025 (1)
$ 4,021  $ 31 
2026 8,217  65 
2027 8,418  67 
2028 2,838  69 
2029 2,094  71 
Thereafter 154,000  226 
Total lease payments 179,588  529 
Less: Amount representing interest (132,216) (152)
Lease liability $ 47,372  $ 377 
(1)Represents the six months ending December 31, 2025.