Leases

3 Months Ended

Mar. 31, 2025

Leases

Leases

6. Leases

The Company as Lessor

Leasing revenue consists of rental revenue from multi-family, senior living, self-storage, retail, office and commercial property, marinas, cell towers and other assets, which is recognized as earned, using the straight-line method over the life of each lease. Variable lease payments primarily include property taxes, insurance, utilities and common area maintenance or payments based on a percentage of sales over specified levels and senior living services. The Company’s leases have remaining lease terms up to the year 2072, some of which include options to terminate or extend.

The components of leasing revenue are as follows:

	Three Months Ended March 31,
	2025		2024
Leasing revenue
Lease payments	$	13,671	$	12,053
Variable lease payments		2,571		2,289
Total leasing revenue	$	16,242	$	14,342

Minimum future base rental revenue on non-cancelable leases subsequent to March 31, 2025, for the years ending December 31 are:

2025	$	25,725
2026		18,988
2027		16,222
2028		12,860
2029		9,843
Thereafter		38,882
	$	122,520

The Company as Lessee

As of March 31, 2025, the Company leased certain office and other equipment under finance leases and had operating leases for property and equipment used in corporate, hospitality and commercial operations with remaining lease terms up to the year 2081. Operating leases also include property for hospitality employee housing. Certain leases include options to purchase, terminate or renew for one or more years, which are included in the lease term used to establish right-of-use assets and lease liabilities when it is reasonably certain that the option will be exercised. The Company uses its incremental borrowing rate to determine the present value of the lease payments since the rate implicit in each lease is not readily determinable. The Company recognizes short-term (twelve months or less) lease payments in profit or loss on a straight-line basis over the term of the lease and variable lease payments in the period in which the obligation for those payments is incurred.

The components of lease expense are as follows:

	Three Months Ended March 31,
	2025			2024
Lease cost
Finance lease cost:
Amortization of right-of-use assets	$	50		$	41
Interest on lease liability		8			5
Operating lease cost		552			197
Variable and short-term lease cost		268			243
Total lease cost	$	878		$	486
Other information
Weighted-average remaining lease term - finance lease (in years)		2.3			2.8
Weighted-average remaining lease term - operating leases (in years)		2.6			2.2
Weighted-average discount rate - finance lease		5.5	%		5.3	%
Weighted-average discount rate - operating leases		5.0	%		5.0	%

The aggregate payments of finance and operating lease liabilities subsequent to March 31, 2025, for the years ending December 31 are:

	Finance Leases		Operating Leases
2025	$	183	$	1,638
2026		224		2,098
2027		201		69
2028		81		58
2029		11		55
Thereafter		—		276
Total		700		4,194
Less imputed interest		(62)		(287)
Total lease liabilities	$	638	$	3,907