Lease Income

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Lease Income

Lease Income

The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs.

Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2025 are as follows (in thousands):

2026	$	564,911
2027	529,740
2028	472,017
2029	431,141
2030	373,182
Thereafter	1,564,839
	$	3,935,830

The components of lease income from operating leases in our consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Fixed lease payments	$	607,566	$	545,573	$	589,469
Variable lease payments	78,564		63,004		79,641
Total lease payments (1)	$	686,130	$	608,577	$	669,110
Amortization of acquired above and below-market leases	(6,025)		(2,578)		14,225
Total rental revenue	$	680,105	$	605,999	$	683,335

(1)Amounts include $182.2 million and $188.5 million of sublease income for the years ended December 31, 2025 and 2024, respectively.

The table below summarizes our investment in sales-type leases as of December 31, 2025:

Property	Year of Current Expiration	Year of Final Expiration (1)
15 Beekman (2)	2119	2119

(1)Reflects exercise of all available renewal options.

(2)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures."

Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2025 are as follows (in thousands):

	Sales-type leases
2026	$	3,276
2027	3,325
2028	3,375
2029	3,426
2030	3,477
Thereafter	189,891
Total minimum lease payments	$	206,770
Amount representing interest	(98,489)
Investment in sales-type leases (1)	$	108,281

(1)This amount is included in Other assets on our consolidated balance sheets.

The components of lease income from sales-type leases during the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Interest income (1)	$	4,556	$	4,500	$	4,444

(1)These amounts are included in Interest expense, net of interest income in our consolidated statements of operations.

Lease Income

Lease Income

The Operating Partnership is the lessor and the sublessor to tenants under operating and sales-type leases. The minimum rental amounts due under the leases are generally subject to scheduled fixed increases or adjustments. The leases generally also require that the tenants reimburse us for increases in certain operating costs and real estate taxes above their base year costs.

Future minimum rents to be received over the next five years and thereafter for operating leases in effect at December 31, 2025 are as follows (in thousands):

2026	$	564,911
2027	529,740
2028	472,017
2029	431,141
2030	373,182
Thereafter	1,564,839
	$	3,935,830

The components of lease income from operating leases in our consolidated statements of operations for the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Fixed lease payments	$	607,566	$	545,573	$	589,469
Variable lease payments	78,564		63,004		79,641
Total lease payments (1)	$	686,130	$	608,577	$	669,110
Amortization of acquired above and below-market leases	(6,025)		(2,578)		14,225
Total rental revenue	$	680,105	$	605,999	$	683,335

(1)Amounts include $182.2 million and $188.5 million of sublease income for the years ended December 31, 2025 and 2024, respectively.

The table below summarizes our investment in sales-type leases as of December 31, 2025:

Property	Year of Current Expiration	Year of Final Expiration (1)
15 Beekman (2)	2119	2119

(1)Reflects exercise of all available renewal options.

(2)In August 2020, the Company formed a joint venture, which then entered into a long-term sublease with the Company for the building at 15 Beekman. See Note 6, "Investments in Unconsolidated Joint Ventures."

Future minimum lease payments to be received over the next five years and thereafter for our sales-type leases with initial terms in excess of one year as of December 31, 2025 are as follows (in thousands):

	Sales-type leases
2026	$	3,276
2027	3,325
2028	3,375
2029	3,426
2030	3,477
Thereafter	189,891
Total minimum lease payments	$	206,770
Amount representing interest	(98,489)
Investment in sales-type leases (1)	$	108,281

(1)This amount is included in Other assets on our consolidated balance sheets.

The components of lease income from sales-type leases during the years ended December 31, 2025, 2024, and 2023 were as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Interest income (1)	$	4,556	$	4,500	$	4,444

(1)These amounts are included in Interest expense, net of interest income in our consolidated statements of operations.