Leases (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Leases [Abstract] |
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| 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):
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
| Lease revenue |
2025 |
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2024 |
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2025 |
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2024 |
| Fixed |
$ |
135,957 |
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$ |
129,357 |
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$ |
403,982 |
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$ |
382,918 |
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| Variable |
42,315 |
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41,192 |
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125,196 |
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118,683 |
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$ |
178,272 |
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$ |
170,549 |
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$ |
529,178 |
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$ |
501,601 |
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| 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):
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| Leases |
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Balance Sheet Location |
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September 30,
2025 |
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December 31,
2024 |
| Right-of-use assets |
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| Operating leases - Property |
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Property - operating lease right-of-use assets |
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$ |
51,838 |
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$ |
55,760 |
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| Finance leases - Property |
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Prepaid expenses and other assets, net |
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2,435 |
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2,491 |
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| Total right-of-use assets |
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$ |
54,273 |
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$ |
58,251 |
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| Lease liabilities |
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| Operating leases - Property |
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Property - operating lease liabilities |
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$ |
46,203 |
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$ |
49,240 |
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| Finance leases - Property |
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Other liabilities |
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370 |
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|
391 |
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| Total lease liabilities |
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$ |
46,573 |
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$ |
49,631 |
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| 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):
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Statement of Operations Location |
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For the Three Months Ended September 30, |
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For the Nine Months Ended September 30, |
| Lease cost |
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2025 |
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2024 |
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2025 |
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2024 |
| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
2,276 |
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$ |
1,929 |
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$ |
6,813 |
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$ |
5,687 |
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| Property leases - variable |
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Property operating expenses |
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27 |
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42 |
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81 |
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219 |
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| Finance lease cost |
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| Amortization of property right-of-use assets |
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Property operating expenses |
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19 |
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19 |
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56 |
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56 |
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| Interest on lease liabilities |
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Interest expense |
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8 |
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9 |
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26 |
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28 |
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$ |
2,330 |
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$ |
1,999 |
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$ |
6,976 |
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$ |
5,990 |
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The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
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For the Nine Months Ended September 30, |
| Supplemental cash flow information |
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2025 |
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2024 |
| Cash paid for amounts included in the measurement of lease liabilities: |
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| Operating cash flows for operating leases |
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$ |
5,928 |
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$ |
5,232 |
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| Operating cash flows for finance leases |
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$ |
26 |
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$ |
28 |
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| Financing cash flows for finance leases |
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$ |
21 |
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$ |
18 |
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| Schedule of Payments Due on Property Operating Leases |
Payments on property leases were due as follows (in thousands):
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September 30, 2025 |
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| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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2025 (1) |
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$ |
2,011 |
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$ |
15 |
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| 2026 |
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8,217 |
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65 |
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| 2027 |
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8,418 |
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67 |
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| 2028 |
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2,838 |
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69 |
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| 2029 |
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2,094 |
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71 |
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| Thereafter |
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153,999 |
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226 |
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| Total lease payments |
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177,577 |
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513 |
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| Less: Amount representing interest |
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(131,374) |
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(143) |
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| Lease liability |
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$ |
46,203 |
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$ |
370 |
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(1)Represents the three months ending December 31, 2025.
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| Schedule of Payments Due on Property Finance Leases |
Payments on property leases were due as follows (in thousands):
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September 30, 2025 |
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| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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2025 (1) |
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$ |
2,011 |
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$ |
15 |
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| 2026 |
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8,217 |
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65 |
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| 2027 |
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8,418 |
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67 |
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| 2028 |
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2,838 |
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69 |
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| 2029 |
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2,094 |
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71 |
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| Thereafter |
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153,999 |
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226 |
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| Total lease payments |
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177,577 |
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513 |
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| Less: Amount representing interest |
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(131,374) |
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(143) |
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| Lease liability |
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$ |
46,203 |
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$ |
370 |
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(1)Represents the three months ending December 31, 2025.
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