Leases

12 Months Ended

Dec. 31, 2025

Information as Lessor

We recognized rental and other revenues related to operating lease payments of $788.6 million, $811.6 million and $819.9 million, of which variable lease payments were $66.2 million, $75.3 million and $72.9 million, during the years ended December 31, 2025, 2024 and 2023, respectively. The following table sets forth the undiscounted cash flows for future minimum base rents to be received from customers for leases in effect as of December 31, 2025 for our consolidated properties:


2026	$	694,049
2027	680,593
2028	628,443
2029	575,487
2030	508,740
Thereafter	1,832,647
	$	4,919,959

Information as Lessee

We have office assets encompassing 1.2 million rentable square feet subject to operating ground leases in Nashville, Orlando, Raleigh and Tampa with a weighted average remaining term of 50 years. Rental payments on these leases are adjusted periodically based on either the CPI or on a pre-determined schedule. The monthly payments on a pre-determined schedule are recognized on a straight-line basis over the terms of the respective leases. Changes in the CPI are not estimated as part of our

measurement of straight-line rental expense. We recognized $2.4 million, $2.6 million and $2.6 million of ground lease expense during the years ended December 31, 2025, 2024, and 2023, respectively, and we paid $2.4 million, $2.5 million and $2.4 million in cash during 2025, 2024 and 2023, respectively.

The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on operating ground leases as of December 31, 2025 and a reconciliation of those cash flows to the operating lease liability as of December 31, 2025:


2026	$	2,121
2027	2,172
2028	2,226
2029	2,067
2030	2,125
Thereafter	64,112
	74,823
Discount	(47,679)
Lease liability	$	27,144