Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary Of Operating Lease Income

The disaggregation of the Company’s lease income, which is included in Revenue from rental properties, net on the Company’s Consolidated Statements of Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the years ended December 31, 2024, 2023 and 2022, was as follows (in thousands):

	Year Ended December 31,
	2024			2023			2022
Lease income:
Fixed lease income (1)	$	1,615,352		$	1,409,609		$	1,353,024
Variable lease income (2)		399,627			354,093			339,722
Above-market and below-market leases amortization, net		25,205			17,253			13,591
Adjustments for potentially uncollectible lease income or disputed amounts		(21,119	)		(13,898	)		4,511
Total lease income	$	2,019,065		$	1,767,057		$	1,710,848

(1)Includes minimum base rents, expense reimbursements, ancillary income and straight-line rent adjustments.

(2)Includes minimum base rents, expense reimbursements, percentage rent, lease termination fee income and ancillary income.

Summary of Minimum Revenues from Rental Properties

The minimum revenues expected to be received by the Company from rental properties under the terms of all non-cancelable tenant leases for future years, assuming no new or renegotiated leases are executed for such premises and excluding variable lease payments, are as follows (in millions):

	2025		2026		2027		2028		2029		Thereafter
Minimum revenues	$	1,560.2	$	1,432.5	$	1,238.2	$	1,022.6	$	796.2	$	3,574.2

Summary Of Weighted-average Remaining Non-cancelable Lease Term And Weighted-average Discount Rates

The weighted-average remaining non-cancelable lease term and weighted-average discount rates for the Company’s operating and finance leases as of December 31, 2024 were as follows:

	Operating Leases			Finance Leases
Weighted-average remaining lease term (in years)		30.4			-
Weighted-average discount rate		6.79	%		6.00	%

The components of the Company’s lease expense, which are included in interest expense, rent expense and general and administrative expense on the Company’s Consolidated Statements of Income for the years ended December 31, 2024, 2023 and 2022, were as follows (in thousands):

	Year Ended December 31,
	2024		2023		2022
Lease cost:
Finance lease cost	$	1,459	$	1,261	$	1,294
Operating lease cost		15,107		14,736		12,994
Variable lease cost		2,300		2,241		4,143
Total lease cost	$	18,866	$	18,238	$	18,431

Schedule of Future Minimum Lease Payments

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating and financing lease liabilities (in thousands):

Year Ending December 31,
	Operating Leases			Financing Leases
2025	$	12,092		$	24,167
2026		11,466			-
2027		11,191			-
2028		11,209			-
2029		10,391			-
Thereafter		255,629			-
Total minimum lease payments	$	311,978		$	24,167
Less imputed interest		(194,779	)	-
Total lease liabilities (1)	$	117,199		$	24,167

(1)Operating lease liabilities are included in Operating lease liabilities and financing lease liabilities are included in Other liabilities on the Company’s Consolidated Balance Sheets.