Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Summary Of Operating Lease Income

The disaggregation of the Company’s lease income, which is included in Revenues from rental properties, net on the Company’s Condensed Consolidated Statements of Operations, as either fixed or variable lease income based on the criteria specified in ASC 842, for the three months ended March 31, 2025 and 2024, was as follows (in thousands):

	Three Months Ended March 31,
	2025			2024
Lease income:
Fixed lease income (1)	$	416,171		$	397,695
Variable lease income (2)		112,987			98,281
Above-market and below-market leases amortization, net		5,314			5,901
Adjustments for potentially uncollectible lease income or disputed amounts		(3,186	)		(2,972	)
Total lease income	$	531,286		$	498,905

(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 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 leases as of March 31, 2025 were as follows:

	Operating Leases
Weighted-average remaining lease term (in years)		30.41
Weighted-average discount rate		6.79	%

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 Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, were as follows (in thousands):

	Three Months Ended March 31,
	2025		2024
Lease cost:
Finance lease cost	$	43	$	366
Operating lease cost		3,441		3,871
Variable lease cost		841		659
Total lease cost	$	4,325	$	4,896