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Leases
 9 Months Ended
Sep. 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 September 30, 2025
2025$21,782 
202684,968 
202764,337 
202830,167 
202925,079 
Thereafter47,519 
Total$273,852 
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 September 30, 2025 and 2024, total operating lease payments were $1.9 million and $1.8 million, respectively. For the nine months ended September 30, 2025 and 2024, total operating lease payments were $5.4 million and $5.1 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 September 30, 2025:
As of September 30, 2025
(amounts in thousands)Ground LeasesOffice and Other LeasesTotal
2025$414 $2,231 $2,645 
20266863,966 4,652 
2027691 3,417 4,108 
2028687 3,037 3,724 
2029629 3,068 3,697 
Thereafter3,134 7,859 10,993 
Total undiscounted rental payments6,241 23,578 29,819 
Less imputed interest(1,604)(3,528)(5,132)
Total lease liabilities$4,637 $20,050 $24,687 

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 $21.5 million and $24.7 million, respectively, as of September 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 September 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 September 30, 2025
2025$21,782 
202684,968 
202764,337 
202830,167 
202925,079 
Thereafter47,519 
Total$273,852 
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 September 30, 2025 and 2024, total operating lease payments were $1.9 million and $1.8 million, respectively. For the nine months ended September 30, 2025 and 2024, total operating lease payments were $5.4 million and $5.1 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 September 30, 2025:
As of September 30, 2025
(amounts in thousands)Ground LeasesOffice and Other LeasesTotal
2025$414 $2,231 $2,645 
20266863,966 4,652 
2027691 3,417 4,108 
2028687 3,037 3,724 
2029629 3,068 3,697 
Thereafter3,134 7,859 10,993 
Total undiscounted rental payments6,241 23,578 29,819 
Less imputed interest(1,604)(3,528)(5,132)
Total lease liabilities$4,637 $20,050 $24,687 

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 $21.5 million and $24.7 million, respectively, as of September 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 September 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.