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Leases
 6 Months Ended
Jun. 30, 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 June 30, 2025
2025$42,933 
202683,510 
202763,034 
202829,232 
202924,414 
Thereafter46,566 
Total$289,689 
Lessee
We lease land under non-cancelable operating leases at 14 Properties expiring on various dates between 2028 and 2056. 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 June 30, 2025 and 2024, total operating lease payments were $1.8 million and $1.7 million, respectively. For the six months ended June 30, 2025 and 2024, total operating lease payments were $3.5 million and $3.2 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 June 30, 2025:
As of June 30, 2025
(amounts in thousands)Ground LeasesOffice and Other LeasesTotal
2025$555 $3,448 $4,003 
20266863,958 4,644 
2027691 3,408 4,099 
2028687 3,029 3,716 
2029629 3,059 3,688 
Thereafter3,134 7,853 10,987 
Total undiscounted rental payments6,382 24,755 31,137 
Less imputed interest(1,536)(3,933)(5,469)
Total lease liabilities$4,846 $20,822 $25,668 

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 $22.1 million and $25.7 million, respectively, as of June 30, 2025. The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.1% as of June 30, 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 June 30, 2025
2025$42,933 
202683,510 
202763,034 
202829,232 
202924,414 
Thereafter46,566 
Total$289,689 
Lessee
We lease land under non-cancelable operating leases at 14 Properties expiring on various dates between 2028 and 2056. 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 June 30, 2025 and 2024, total operating lease payments were $1.8 million and $1.7 million, respectively. For the six months ended June 30, 2025 and 2024, total operating lease payments were $3.5 million and $3.2 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 June 30, 2025:
As of June 30, 2025
(amounts in thousands)Ground LeasesOffice and Other LeasesTotal
2025$555 $3,448 $4,003 
20266863,958 4,644 
2027691 3,408 4,099 
2028687 3,029 3,716 
2029629 3,059 3,688 
Thereafter3,134 7,853 10,987 
Total undiscounted rental payments6,382 24,755 31,137 
Less imputed interest(1,536)(3,933)(5,469)
Total lease liabilities$4,846 $20,822 $25,668 

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 $22.1 million and $25.7 million, respectively, as of June 30, 2025. The weighted average remaining lease term for our operating leases was seven years and the weighted average incremental borrowing rate was 4.1% as of June 30, 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.