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Leases (Tables)
12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Summary of Rental Income Related to Operating Leases

Rental income related to the Company’s operating leases is comprised of the following for the years ended December 31, 2025, 2024 and 2023:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Rental income - fixed payments

 

$

120,237

 

 

$

118,177

 

 

$

115,092

 

Rental income - variable payments (a)

 

 

32,628

 

 

 

31,724

 

 

 

32,221

 

Amortization of acquired lease intangibles, net

 

 

357

 

 

 

(72

)

 

 

2,323

 

Rental income

 

$

153,222

 

 

$

149,829

 

 

$

149,636

 

 

(a)
Primarily includes tenant recovery income for real estate taxes, common area maintenance and insurance.
Schedule of Future Base Rent Payments to be Received Under Operating Leases

The future base rent payments to be received under operating leases including ground leases as of December 31, 2025 for the years indicated, assuming no expiring leases are renewed, are as follows:

 

 

 

Lease
Payments

 

2026

 

$

111,309

 

2027

 

 

101,505

 

2028

 

 

86,365

 

2029

 

 

69,304

 

2030

 

 

49,014

 

Thereafter

 

 

137,227

 

Total

 

$

554,724

 

Summary of Future Ground Lease Payments

Lease payments for the ground lease as of December 31, 2025 for each of the five succeeding years and thereafter is as follows:

 

 

Lease
Payments

 

2026

 

$

1,264

 

2027

 

 

1,332

 

2028

 

 

1,401

 

2029

 

 

1,401

 

2030

 

 

1,401

 

Thereafter

 

 

79,050

 

Total undiscounted lease payments

 

 

85,849

 

Less: Amount representing interest

 

 

(60,251

)

Present value of lease liability

 

$

25,598