Leases (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Leases [Abstract] |
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| Schedule of Lease Revenue Recognized Between Fixed and Variable Lease Revenue |
The table below presents our composition of lease revenue recognized between fixed- and variable-lease revenue (in thousands):
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For the Three Months Ended March 31, |
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| Lease Revenue |
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2026 |
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2025 |
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| Fixed |
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$ |
142,467 |
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$ |
131,691 |
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| Variable |
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50,504 |
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43,617 |
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$ |
192,971 |
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$ |
175,308 |
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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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March 31,
2026 |
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December 31,
2025 |
| 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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$ |
48,906 |
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$ |
50,383 |
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| Finance leases - Property |
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Prepaid expenses and other assets, net |
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5,743 |
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|
5,373 |
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| Total right-of-use assets |
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$ |
54,649 |
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$ |
55,756 |
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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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$ |
43,768 |
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$ |
45,012 |
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| Finance leases - Property |
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Other liabilities |
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752 |
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|
363 |
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| Total lease liabilities |
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$ |
44,520 |
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$ |
45,375 |
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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 March 31, |
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| Lease Cost |
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2026 |
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2025 |
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| 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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$ |
2,266 |
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| Property leases - variable |
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Property operating expenses |
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27 |
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27 |
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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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28 |
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19 |
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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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$ |
2,339 |
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$ |
2,321 |
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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 Three Months Ended March 31, |
| Supplemental Cash Flow Information |
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2026 |
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2025 |
| 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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$ |
2,043 |
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$ |
1,903 |
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| Operating cash flows for finance leases |
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$ |
8 |
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$ |
9 |
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| Financing cash flows for finance leases |
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$ |
8 |
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$ |
7 |
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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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March 31, 2026 |
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| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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2026 (1) |
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$ |
6,175 |
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$ |
214 |
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| 2027 |
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8,418 |
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144 |
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| 2028 |
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2,838 |
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146 |
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| 2029 |
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2,094 |
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148 |
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| 2030 |
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2,129 |
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124 |
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| Thereafter |
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151,871 |
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152 |
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| Total lease payments |
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173,525 |
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928 |
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| Less: Amount representing interest |
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(129,757) |
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(176) |
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| Lease liability |
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$ |
43,768 |
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$ |
752 |
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(1)Represents the nine months ending December 31, 2026.
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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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March 31, 2026 |
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| Year Ending December 31, |
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Operating Leases |
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Finance Leases |
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2026 (1) |
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$ |
6,175 |
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$ |
214 |
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| 2027 |
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8,418 |
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144 |
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| 2028 |
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2,838 |
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146 |
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| 2029 |
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2,094 |
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148 |
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| 2030 |
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2,129 |
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124 |
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| Thereafter |
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151,871 |
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152 |
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| Total lease payments |
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173,525 |
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928 |
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| Less: Amount representing interest |
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(129,757) |
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(176) |
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| Lease liability |
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$ |
43,768 |
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$ |
752 |
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(1)Represents the nine months ending December 31, 2026.
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