Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Leases

Lessor

The leases entered into between a customer and us for rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain other factors. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:

(amounts in thousands)	As of March 31, 2025
2025	$	63,456
2026	82,297
2027	52,490
2028	27,851
2029	23,121
Thereafter	45,658
Total	$	294,873

Lessee

We lease land under non-cancelable operating leases at 10 Properties expiring on various dates between 2028 and 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2033. For the quarters ended March 31, 2025 and 2024, total operating lease payments were $1.7 million and $1.6 million, respectively.

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2025:

	As of March 31, 2025
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2025	$	680	$	4,180	$	4,860
2026	684		3,957		4,641
2027	689		3,408		4,097
2028	685		3,029		3,714
2029	627		3,060		3,687
Thereafter	3,212		7,853		11,065
Total undiscounted rental payments	6,577		25,487		32,064
Less imputed interest	(1,677)		(3,968)		(5,645)
Total lease liabilities	$	4,900	$	21,519	$	26,419

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $22.9 million and $26.4 million, respectively, as of March 31, 2025. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.1% as of March 31, 2025.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $23.9 million and $27.1 million, respectively, as of December 31, 2024. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.1% as of December 31, 2024.

Leases

Leases

Lessor

The leases entered into between a customer and us for rental of a Site are renewable upon the consent of both parties or, in some instances, as provided by statute. Long-term leases that are non-cancelable by the tenants are in effect at certain Properties. Rental rate increases at these Properties are primarily a function of increases in the Consumer Price Index, taking into consideration certain other factors. Additionally, periodic market rate adjustments are made as deemed appropriate. In addition, certain state statutes allow entry into long-term agreements that effectively modify lease terms related to rent amounts and increases over the term of the agreements. The following table presents future minimum rents expected to be received under long-term non-cancelable tenant leases, as well as those leases that are subject to long-term agreements governing rent payments and increases:

(amounts in thousands)	As of March 31, 2025
2025	$	63,456
2026	82,297
2027	52,490
2028	27,851
2029	23,121
Thereafter	45,658
Total	$	294,873

Lessee

We lease land under non-cancelable operating leases at 10 Properties expiring on various dates between 2028 and 2054. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of gross revenues at those Properties. We also have other operating leases, primarily office space, expiring at various dates through 2033. For the quarters ended March 31, 2025 and 2024, total operating lease payments were $1.7 million and $1.6 million, respectively.

The following table summarizes our minimum future rental payments, excluding variable costs, which are discounted by our incremental borrowing rate to calculate the lease liability for our operating leases as of March 31, 2025:

	As of March 31, 2025
(amounts in thousands)	Ground Leases		Office and Other Leases		Total
2025	$	680	$	4,180	$	4,860
2026	684		3,957		4,641
2027	689		3,408		4,097
2028	685		3,029		3,714
2029	627		3,060		3,687
Thereafter	3,212		7,853		11,065
Total undiscounted rental payments	6,577		25,487		32,064
Less imputed interest	(1,677)		(3,968)		(5,645)
Total lease liabilities	$	4,900	$	21,519	$	26,419

Right-of-use (“ROU”) assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $22.9 million and $26.4 million, respectively, as of March 31, 2025. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.1% as of March 31, 2025.

ROU assets and lease liabilities from our operating leases, included within Other assets, net and Accounts payable and other liabilities on the Consolidated Balance Sheets, were $23.9 million and $27.1 million, respectively, as of December 31, 2024. The weighted average remaining lease term for our operating leases was eight years and the weighted average incremental borrowing rate was 4.1% as of December 31, 2024.