Lessor Operating Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Lessor Operating Leases

Lessor Operating Leases

As of March 31, 2026, we owned or held interests in 15,571 properties. Of the 15,571 properties, 15,206, or 97.7%, are single-tenant properties, and the remainder are multi-tenant properties. As of March 31, 2026, 172 properties were available for lease or sale. The majority of our leases are accounted for as operating leases.

As of March 31, 2026, most of the properties in our portfolio were leased under net lease agreements where our client pays or reimburses us for property taxes and assessments and carries insurance coverage for public liability, property damage, fire, and extended coverage.

The following table details our rental revenue for the three months ended March 31, 2026 and 2025 (in thousands):

	Three months ended March 31,
	2026		2025
Minimum rent	$	1,305,578	$	1,222,667
Tenant reimbursement income	97,485		87,378
Straight-line rents	41,225		45,512
Above and below-market lease amortization	(45,684)		(47,634)
Percentage rent	4,203		5,808
Lease termination income	40,198		921
Other rent	2,087		2,797
Provision for doubtful accounts	(4,275)		(4,392)
Total rental revenue (including reimbursements)	$	1,440,817	$	1,313,057