Leases

3 Months Ended

Mar. 31, 2026

The Company periodically enters into agreements in which it is the lessee, including ground leases for shopping centers that it operates and office leases for administrative space. The agreements range in term from less than one year to 50 or more years, with certain agreements containing renewal options for up to an additional 100 years. Upon lease execution, the Company recognizes an operating lease right-of-use ("ROU") asset and an operating lease liability based on the present value of the minimum lease payments over the non-cancelable lease term. As of March 31, 2026, the Company does not include any prospective renewal or termination options in its ROU assets or lease liabilities, as the exercise of such options is not reasonably certain. Certain agreements require the Company to pay a portion of property operating expenses, such as common area expenses, utilities, insurance, and real estate taxes, and certain capital expenditures related to the maintenance of the properties. These payments are not included in the calculation of the ROU asset or lease liability and are presented as variable lease costs. The following tables present additional information pertaining to the Company’s operating leases:


	Three Months Ended March 31,
Supplemental Statements of Operations Information	2026		2025
Operating lease costs	$	1,716	$	1,687

Variable lease costs	74		76
Total lease costs	$	1,790	$	1,763

	Three Months Ended March 31,
Supplemental Statements of Cash Flows Information	2026		2025
Operating cash outflows from operating leases	$	1,589	$	1,578
ROU assets obtained in exchange for operating lease liabilities	2,241		3,475


Operating Lease Liabilities	As of March 31, 2026
Future minimum operating lease payments:
2026 (remaining nine months)	$	4,508
2027	5,590
2028	5,501
2029	5,464
2030	4,951
2031	4,040
Thereafter	97,283
Total future minimum operating lease payments	127,337
Less: imputed interest	(78,649)

Operating lease liabilities	$	48,688

Supplemental Balance Sheets Information	As of March 31, 2026		As of December 31, 2025
Operating lease liabilities(1)(2)	$	48,688	$	47,351
ROU assets(1)(3)	45,274		44,114

(1)As of March 31, 2026 and December 31, 2025, the weighted average remaining lease term was 25.4 years and 26.1 years, respectively, and the weighted average discount rate was 6.37% and 6.35%, respectively.

(2)These amounts are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

(3)These amounts are included in Other assets on the Company’s unaudited Condensed Consolidated Balance Sheets.

As of March 31, 2026, there were no material leases that have been executed but not yet commenced.