Quarterly report [Sections 13 or 15(d)]

Leases

v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
Lessor Arrangements

We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue, and other revenue from tenants that is not fixed under leases. The table below presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
For the Three Months Ended March 31,
Lease Revenue 2026 2025
Fixed $ 142,467  $ 131,691 
Variable 50,504  43,617 
$ 192,971  $ 175,308 
Lessee Arrangements

As of March 31, 2026, our consolidated balance sheet included $54.6 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. 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 March 31,
2026		 December 31,
2025
Right-of-use assets
Operating leases - Property Property - operating lease right-of-use assets $ 48,906  $ 50,383 
Finance leases - Property Prepaid expenses and other assets, net 5,743  5,373 
Total right-of-use assets $ 54,649  $ 55,756 
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 43,768  $ 45,012 
Finance leases - Property Other liabilities 752  363 
Total lease liabilities $ 44,520  $ 45,375 

As of March 31, 2026, our operating leases had a weighted average remaining lease term of 42 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of six years and a weighted average discount rate of 8.1%. The table below presents our total property lease cost (in thousands):
Statement of Operations Location For the Three Months Ended March 31,
Lease Cost 2026 2025
Operating lease cost
Property leases - fixed Property operating expenses $ 2,276  $ 2,266 
Property leases - variable Property operating expenses 27  27 
Finance lease cost
Amortization of property right-of-use assets Property operating expenses 28  19 
Interest on lease liabilities Interest expense 8  9 
$ 2,339  $ 2,321 
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Three Months Ended March 31,
Supplemental Cash Flow Information 2026 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases $ 2,043  $ 1,903 
Operating cash flows for finance leases $ 8  $ 9 
Financing cash flows for finance leases $ 8  $ 7 

Payments on property leases were due as follows (in thousands):
March 31, 2026
Year Ending December 31, Operating Leases Finance Leases
2026 (1)
 $ 6,175  $ 214 
2027 8,418  144 
2028 2,838  146 
2029 2,094  148 
2030 2,129  124 
Thereafter 151,871  152 
Total lease payments 173,525  928 
Less: Amount representing interest (129,757) (176)
Lease liability $ 43,768  $ 752 
(1)Represents the nine months ending December 31, 2026.
Leases Leases
Lessor Arrangements

We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue, and other revenue from tenants that is not fixed under leases. The table below presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
For the Three Months Ended March 31,
Lease Revenue 2026 2025
Fixed $ 142,467  $ 131,691 
Variable 50,504  43,617 
$ 192,971  $ 175,308 
Lessee Arrangements

As of March 31, 2026, our consolidated balance sheet included $54.6 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. 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 March 31,
2026		 December 31,
2025
Right-of-use assets
Operating leases - Property Property - operating lease right-of-use assets $ 48,906  $ 50,383 
Finance leases - Property Prepaid expenses and other assets, net 5,743  5,373 
Total right-of-use assets $ 54,649  $ 55,756 
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 43,768  $ 45,012 
Finance leases - Property Other liabilities 752  363 
Total lease liabilities $ 44,520  $ 45,375 

As of March 31, 2026, our operating leases had a weighted average remaining lease term of 42 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of six years and a weighted average discount rate of 8.1%. The table below presents our total property lease cost (in thousands):
Statement of Operations Location For the Three Months Ended March 31,
Lease Cost 2026 2025
Operating lease cost
Property leases - fixed Property operating expenses $ 2,276  $ 2,266 
Property leases - variable Property operating expenses 27  27 
Finance lease cost
Amortization of property right-of-use assets Property operating expenses 28  19 
Interest on lease liabilities Interest expense 8  9 
$ 2,339  $ 2,321 
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Three Months Ended March 31,
Supplemental Cash Flow Information 2026 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases $ 2,043  $ 1,903 
Operating cash flows for finance leases $ 8  $ 9 
Financing cash flows for finance leases $ 8  $ 7 

Payments on property leases were due as follows (in thousands):
March 31, 2026
Year Ending December 31, Operating Leases Finance Leases
2026 (1)
 $ 6,175  $ 214 
2027 8,418  144 
2028 2,838  146 
2029 2,094  148 
2030 2,129  124 
Thereafter 151,871  152 
Total lease payments 173,525  928 
Less: Amount representing interest (129,757) (176)
Lease liability $ 43,768  $ 752 
(1)Represents the nine months ending December 31, 2026.
Leases Leases
Lessor Arrangements

We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue, and other revenue from tenants that is not fixed under leases. The table below presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
For the Three Months Ended March 31,
Lease Revenue 2026 2025
Fixed $ 142,467  $ 131,691 
Variable 50,504  43,617 
$ 192,971  $ 175,308 
Lessee Arrangements

As of March 31, 2026, our consolidated balance sheet included $54.6 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. 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 March 31,
2026		 December 31,
2025
Right-of-use assets
Operating leases - Property Property - operating lease right-of-use assets $ 48,906  $ 50,383 
Finance leases - Property Prepaid expenses and other assets, net 5,743  5,373 
Total right-of-use assets $ 54,649  $ 55,756 
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 43,768  $ 45,012 
Finance leases - Property Other liabilities 752  363 
Total lease liabilities $ 44,520  $ 45,375 

As of March 31, 2026, our operating leases had a weighted average remaining lease term of 42 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of six years and a weighted average discount rate of 8.1%. The table below presents our total property lease cost (in thousands):
Statement of Operations Location For the Three Months Ended March 31,
Lease Cost 2026 2025
Operating lease cost
Property leases - fixed Property operating expenses $ 2,276  $ 2,266 
Property leases - variable Property operating expenses 27  27 
Finance lease cost
Amortization of property right-of-use assets Property operating expenses 28  19 
Interest on lease liabilities Interest expense 8  9 
$ 2,339  $ 2,321 
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Three Months Ended March 31,
Supplemental Cash Flow Information 2026 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases $ 2,043  $ 1,903 
Operating cash flows for finance leases $ 8  $ 9 
Financing cash flows for finance leases $ 8  $ 7 

Payments on property leases were due as follows (in thousands):
March 31, 2026
Year Ending December 31, Operating Leases Finance Leases
2026 (1)
 $ 6,175  $ 214 
2027 8,418  144 
2028 2,838  146 
2029 2,094  148 
2030 2,129  124 
Thereafter 151,871  152 
Total lease payments 173,525  928 
Less: Amount representing interest (129,757) (176)
Lease liability $ 43,768  $ 752 
(1)Represents the nine months ending December 31, 2026.
Leases Leases
Lessor Arrangements

We lease real estate properties, comprised primarily of office properties and data center shells, to third parties. These leases encompass all, or a portion, of properties, with various expiration dates. Our lease revenue is comprised of: fixed-lease revenue, including contractual rent billings under leases recognized on a straight-line basis over lease terms and amortization of lease incentives and above- and below-market lease intangibles; and variable-lease revenue, including tenant expense recoveries, lease termination revenue, and other revenue from tenants that is not fixed under leases. The table below presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
For the Three Months Ended March 31,
Lease Revenue 2026 2025
Fixed $ 142,467  $ 131,691 
Variable 50,504  43,617 
$ 192,971  $ 175,308 
Lessee Arrangements

As of March 31, 2026, our consolidated balance sheet included $54.6 million in right-of-use assets associated primarily with land leased from third parties underlying certain properties that we are operating with various expiration dates. 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 March 31,
2026		 December 31,
2025
Right-of-use assets
Operating leases - Property Property - operating lease right-of-use assets $ 48,906  $ 50,383 
Finance leases - Property Prepaid expenses and other assets, net 5,743  5,373 
Total right-of-use assets $ 54,649  $ 55,756 
Lease liabilities
Operating leases - Property Property - operating lease liabilities $ 43,768  $ 45,012 
Finance leases - Property Other liabilities 752  363 
Total lease liabilities $ 44,520  $ 45,375 

As of March 31, 2026, our operating leases had a weighted average remaining lease term of 42 years and a weighted average discount rate of 7.4%, while our finance leases had a weighted average remaining lease term of six years and a weighted average discount rate of 8.1%. The table below presents our total property lease cost (in thousands):
Statement of Operations Location For the Three Months Ended March 31,
Lease Cost 2026 2025
Operating lease cost
Property leases - fixed Property operating expenses $ 2,276  $ 2,266 
Property leases - variable Property operating expenses 27  27 
Finance lease cost
Amortization of property right-of-use assets Property operating expenses 28  19 
Interest on lease liabilities Interest expense 8  9 
$ 2,339  $ 2,321 
The table below presents the effect of property lease payments on our consolidated statements of cash flows (in thousands):
For the Three Months Ended March 31,
Supplemental Cash Flow Information 2026 2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases $ 2,043  $ 1,903 
Operating cash flows for finance leases $ 8  $ 9 
Financing cash flows for finance leases $ 8  $ 7 

Payments on property leases were due as follows (in thousands):
March 31, 2026
Year Ending December 31, Operating Leases Finance Leases
2026 (1)
 $ 6,175  $ 214 
2027 8,418  144 
2028 2,838  146 
2029 2,094  148 
2030 2,129  124 
Thereafter 151,871  152 
Total lease payments 173,525  928 
Less: Amount representing interest (129,757) (176)
Lease liability $ 43,768  $ 752 
(1)Represents the nine months ending December 31, 2026.