v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES
3. LEASES
Lessor—The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows (in thousands):
Three Months Ended March 31,
20262025
Rental income related to fixed lease payments(1)
$136,269 $127,535 
Rental income related to variable lease payments(1)(2)
44,333 41,721 
Straight-line rent amortization(3)
2,731 2,514 
Amortization of lease assets2,390 1,901 
Lease buyout income1,709 1,739 
Adjustments for collectibility(4)
(1,151)(1,227)
Total rental income$186,281 $174,183 
(1)Includes rental income related to lease payments before assessing for collectibility.
(2)Variable payments are primarily related to tenant recovery income.
(3)Includes revenue adjustments to straight-line rent for tenants considered non-creditworthy.
(4)Includes general reserves as well as adjustments for tenants considered non-creditworthy for which we are recording revenue on a cash basis, per Accounting Standards Codification (“ASC”) Topic 842, Leases.
Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of March 31, 2026, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, were as follows (in thousands):
YearAmount
Remaining 2026$399,464 
2027501,479 
2028428,901 
2029346,718 
2030260,930 
Thereafter719,830 
Total$2,657,322 
No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of March 31, 2026. As of March 31, 2026, our wholly-owned real estate investments in Florida, California, and Texas represented 11.9%, 11.3%, and 10.0% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse natural or economic events in the Florida, California, and Texas real estate markets.
LEASES
3. LEASES
Lessor—The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows (in thousands):
Three Months Ended March 31,
20262025
Rental income related to fixed lease payments(1)
$136,269 $127,535 
Rental income related to variable lease payments(1)(2)
44,333 41,721 
Straight-line rent amortization(3)
2,731 2,514 
Amortization of lease assets2,390 1,901 
Lease buyout income1,709 1,739 
Adjustments for collectibility(4)
(1,151)(1,227)
Total rental income$186,281 $174,183 
(1)Includes rental income related to lease payments before assessing for collectibility.
(2)Variable payments are primarily related to tenant recovery income.
(3)Includes revenue adjustments to straight-line rent for tenants considered non-creditworthy.
(4)Includes general reserves as well as adjustments for tenants considered non-creditworthy for which we are recording revenue on a cash basis, per Accounting Standards Codification (“ASC”) Topic 842, Leases.
Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of March 31, 2026, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, were as follows (in thousands):
YearAmount
Remaining 2026$399,464 
2027501,479 
2028428,901 
2029346,718 
2030260,930 
Thereafter719,830 
Total$2,657,322 
No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of March 31, 2026. As of March 31, 2026, our wholly-owned real estate investments in Florida, California, and Texas represented 11.9%, 11.3%, and 10.0% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse natural or economic events in the Florida, California, and Texas real estate markets.
LEASES
3. LEASES
Lessor—The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows (in thousands):
Three Months Ended March 31,
20262025
Rental income related to fixed lease payments(1)
$136,269 $127,535 
Rental income related to variable lease payments(1)(2)
44,333 41,721 
Straight-line rent amortization(3)
2,731 2,514 
Amortization of lease assets2,390 1,901 
Lease buyout income1,709 1,739 
Adjustments for collectibility(4)
(1,151)(1,227)
Total rental income$186,281 $174,183 
(1)Includes rental income related to lease payments before assessing for collectibility.
(2)Variable payments are primarily related to tenant recovery income.
(3)Includes revenue adjustments to straight-line rent for tenants considered non-creditworthy.
(4)Includes general reserves as well as adjustments for tenants considered non-creditworthy for which we are recording revenue on a cash basis, per Accounting Standards Codification (“ASC”) Topic 842, Leases.
Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of March 31, 2026, assuming no new or renegotiated leases or option extensions on lease agreements, and including the impact of rent abatements and tenants who have been moved to the cash basis of accounting for revenue recognition purposes, were as follows (in thousands):
YearAmount
Remaining 2026$399,464 
2027501,479 
2028428,901 
2029346,718 
2030260,930 
Thereafter719,830 
Total$2,657,322 
No single tenant comprised 10% or more of our aggregate annualized base rent (“ABR”) as of March 31, 2026. As of March 31, 2026, our wholly-owned real estate investments in Florida, California, and Texas represented 11.9%, 11.3%, and 10.0% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse natural or economic events in the Florida, California, and Texas real estate markets.