Lessor Operating Leases

6 Months Ended

Jun. 30, 2026

As of June 30, 2026, we owned or held interests in 15,588 properties. Of the 15,588 properties, 15,218, or 97.6%,

are single-tenant properties, and the remainder are multi-tenant properties. As of June 30, 2026, 188 properties

were available for lease or sale. The majority of our leases are accounted for as operating leases.

As of June 30, 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 and six months ended June 30, 2026 and 2025 (in

thousands):


	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Minimum rent	$1,306,431	$1,218,003	$2,579,879	$2,408,036
Tenant reimbursement income	91,133	87,424	188,618	174,802
Straight-line rents	40,947	31,934	82,172	77,446
Above and below-market lease amortization	(16,883)	(6,287)	(30,763)	(21,613)
Percentage rent	4,005	2,799	8,208	8,607
Lease termination income	1,020	1,847	41,218	2,768
Other rent	3,776	10,472	6,190	13,595
Provision for doubtful accounts	(3,962)	(8,004)	(8,238)	(12,396)
Total rental revenue (including reimbursements)	$1,426,467	$1,338,188	$2,867,284	$2,651,245