Annual report [Section 13 and 15(d), not S-K Item 405]

Leases (Tables)

v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease Income
The components of rental revenue from the Company’s operating leases during the periods indicated below were as follows (in thousands):
Year Ended December 31,
2025 2024 2023
Fixed:
Cash rental revenue $ 88,373  $ 117,953  $ 141,471 
Straight-line rental revenue 13,125  (210) 5,649 
Lease intangible amortization 769  637  894 
Fixed property operating cost reimbursements 6,100  5,881  5,956 
Other fixed rental revenue 4,810  1,128  865 
Total fixed 113,177  125,389  154,835 
Variable:
Variable property operating cost reimbursements 31,314  35,897  36,010 
Other variable rental revenue 2,336  2,769  3,396 
Total variable 33,650  38,666  39,406 
Total rental revenue $ 146,827  $ 164,055  $ 194,241 
Schedule of Operating Lease Payments to be Received
The following table presents future minimum base rent payments due to the Company under the terms of its operating lease agreements, excluding expense reimbursements, over the next five years and thereafter as of December 31, 2025 (in thousands).
Future Minimum
Base Rent Payments
2026
 $ 85,124 
2027 76,919 
2028 67,923 
2029 51,859 
2030 49,840 
Thereafter 259,054 
Total $ 590,719 
Schedule of Operating Lease Liability, Maturity
The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground and corporate office lease obligations as of December 31, 2025 (in thousands).
Future Minimum Lease Payments
2026
 $ 778 
2027 752 
2028 761 
2029 473 
2030 447 
Thereafter 11,597 
Total 14,808 
Less: imputed interest 5,170 
Total $ 9,638