Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Leases

Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term once we have determined that the collectability of substantially all of the lease payments is probable. We increased rental income to record revenue on a straight line basis by $31,102 and $26,194 for the years ended December 31, 2024 and 2023, respectively. Rents receivable, excluding properties classified as held for sale, included $140,132 and $112,440 of straight line rent receivables at December 31, 2024 and 2023, respectively.

We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $86,903 and $88,173 for the years ended December 31, 2024 and 2023, respectively, of which tenant reimbursements totaled $82,647 and $82,885, respectively.

The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2024:

Year	Amount
2025	$	318,530
2026	310,043
2027	291,562
2028	259,443
2029	249,250
Thereafter	1,296,713
Total	$	2,725,541

As of December 31, 2024, tenants representing approximately 1.2% of our total operating lease maturities had exercisable rights to terminate their leases before the stated terms of their leases expire. In 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2034, 2035, 2036, 2037 and 2040, early termination rights become exercisable by other tenants who represented an additional approximately 1.4%, 1.9%, 2.0%, 5.7%, 4.1%, 2.6%, 1.8%, 5.7%, 1.5%, 4.4%, 0.6%, 0.6% and 2.3% of our total operating lease maturities, respectively. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. As of December 31, 2024, five of our tenants had the right to

terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its obligation. These five tenants represented approximately 2.8% of our total operating lease maturities as of December 31, 2024.

Leases

Leases

Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term once we have determined that the collectability of substantially all of the lease payments is probable. We increased rental income to record revenue on a straight line basis by $31,102 and $26,194 for the years ended December 31, 2024 and 2023, respectively. Rents receivable, excluding properties classified as held for sale, included $140,132 and $112,440 of straight line rent receivables at December 31, 2024 and 2023, respectively.

We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $86,903 and $88,173 for the years ended December 31, 2024 and 2023, respectively, of which tenant reimbursements totaled $82,647 and $82,885, respectively.

The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2053 as of December 31, 2024:

Year	Amount
2025	$	318,530
2026	310,043
2027	291,562
2028	259,443
2029	249,250
Thereafter	1,296,713
Total	$	2,725,541

As of December 31, 2024, tenants representing approximately 1.2% of our total operating lease maturities had exercisable rights to terminate their leases before the stated terms of their leases expire. In 2025, 2026, 2027, 2028, 2029, 2030, 2031, 2032, 2034, 2035, 2036, 2037 and 2040, early termination rights become exercisable by other tenants who represented an additional approximately 1.4%, 1.9%, 2.0%, 5.7%, 4.1%, 2.6%, 1.8%, 5.7%, 1.5%, 4.4%, 0.6%, 0.6% and 2.3% of our total operating lease maturities, respectively. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. As of December 31, 2024, five of our tenants had the right to

terminate their leases if the respective legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its obligation. These five tenants represented approximately 2.8% of our total operating lease maturities as of December 31, 2024.