Leases (Tables)

6 Months Ended

Jun. 30, 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 Income, as either fixed or variable lease income based on the criteria specified in ASC 842, for the three and six months ended June 30, 2025 and 2024, was as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Lease income:
Fixed lease income (1)	$	413,727		$	396,640		$	829,898		$	794,335
Variable lease income (2)		105,829			100,006			218,816			198,287
Above-market and below-market leases amortization, net		7,330			4,444			12,644			10,345
Adjustments for potentially uncollectible lease income or disputed    amounts		(5,956	)		(4,869	)		(9,142	)		(7,841	)
Total lease income	$	520,930		$	496,221		$	1,052,216		$	995,126

(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 June 30, 2025 were as follows:

	Operating Leases
Weighted-average remaining lease term (in years)		29.22
Weighted-average discount rate		6.78	%

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 Income for the three and six months ended June 30, 2025 and 2024, were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Lease cost:
Finance lease cost	$	-	$	365	$	43	$	731
Operating lease cost		3,600		3,843		7,041		7,714
Variable lease cost		724		502		1,565		1,161
Total lease cost	$	4,324	$	4,710	$	8,649	$	9,606