Leases (Tables)
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12 Months Ended |
Dec. 31, 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 Years Ended December 31, |
| Lease revenue |
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2025 |
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2024 |
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2023 |
| Fixed |
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$ |
543,300 |
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$ |
513,461 |
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$ |
478,585 |
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| Variable |
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170,880 |
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157,905 |
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141,262 |
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$ |
714,180 |
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$ |
671,366 |
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$ |
619,847 |
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| Schedule of Operating Leases Fixed Contractual Payments Due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of December 31, 2025 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2026 |
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$ |
506,290 |
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$ |
960 |
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| 2027 |
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479,574 |
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|
960 |
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| 2028 |
|
407,473 |
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|
960 |
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| 2029 |
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337,270 |
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|
960 |
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| 2030 |
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268,762 |
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|
675 |
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| Thereafter |
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1,284,857 |
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— |
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| Total contractual payments |
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$ |
3,284,226 |
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4,515 |
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| Less: Amount representing interest |
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(685) |
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| Net investment in sales-type leases (1) |
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$ |
3,830 |
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(1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
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| Schedule of Sales-Type Leases Fixed Contractual Payments Due |
Fixed contractual payments due under our property leases were as follows (in thousands):
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As of December 31, 2025 |
| Year Ending December 31, |
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Operating leases |
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Sales-type leases |
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| 2026 |
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$ |
506,290 |
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$ |
960 |
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| 2027 |
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479,574 |
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|
960 |
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| 2028 |
|
407,473 |
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|
960 |
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| 2029 |
|
337,270 |
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|
960 |
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| 2030 |
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268,762 |
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|
675 |
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| Thereafter |
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1,284,857 |
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— |
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| Total contractual payments |
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$ |
3,284,226 |
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|
4,515 |
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| Less: Amount representing interest |
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(685) |
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| Net investment in sales-type leases (1) |
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$ |
3,830 |
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(1) Included in the line entitled “prepaid expenses and other assets, net” on our consolidated balance sheet.
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| 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):
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As of December 31, |
| Leases |
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Balance Sheet Location |
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2025 |
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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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$ |
50,383 |
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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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5,373 |
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2,491 |
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| Total right-of-use assets |
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$ |
55,756 |
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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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$ |
45,012 |
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$ |
49,240 |
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| Finance leases - Property |
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Other liabilities |
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363 |
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|
391 |
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| Total lease liabilities |
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$ |
45,375 |
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$ |
49,631 |
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| 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):
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Statement of Operations Location |
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For the Years Ended December 31, |
| Lease cost |
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2025 |
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2024 |
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2023 |
| Operating lease cost |
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| Property leases - fixed |
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Property operating expenses |
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$ |
9,088 |
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$ |
7,845 |
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$ |
6,955 |
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| Property leases - variable |
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Property operating expenses |
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108 |
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246 |
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66 |
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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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76 |
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74 |
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76 |
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| Interest on lease liabilities |
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Interest expense |
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35 |
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37 |
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42 |
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$ |
9,307 |
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$ |
8,202 |
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$ |
7,139 |
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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 Years Ended December 31, |
| Supplemental cash flow information |
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2025 |
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2024 |
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2023 |
| 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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$ |
7,940 |
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$ |
7,002 |
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$ |
6,056 |
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| Operating cash flows for finance leases |
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$ |
35 |
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$ |
37 |
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$ |
42 |
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| Financing cash flows for finance leases |
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$ |
28 |
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$ |
24 |
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$ |
20 |
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| Schedule of Property Operating Lease, Liability, Maturity |
Payments on property leases were due as follows (in thousands):
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December 31, 2025 |
| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
| 2026 |
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$ |
8,218 |
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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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| 2030 |
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2,129 |
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73 |
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| Thereafter |
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151,870 |
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|
153 |
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| Total lease payments |
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175,567 |
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498 |
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| Less: Amount representing interest |
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(130,555) |
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(135) |
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| Lease liability |
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$ |
45,012 |
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$ |
363 |
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| Schedule of Property Finance Lease, Liability, Maturity |
Payments on property leases were due as follows (in thousands):
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December 31, 2025 |
| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
| 2026 |
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$ |
8,218 |
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$ |
65 |
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| 2027 |
|
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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| 2030 |
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2,129 |
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|
73 |
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| Thereafter |
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151,870 |
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|
153 |
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| Total lease payments |
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175,567 |
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|
498 |
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| Less: Amount representing interest |
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(130,555) |
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(135) |
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| Lease liability |
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$ |
45,012 |
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$ |
363 |
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