Operating Leases (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of minimum future commercial property rentals from noncancelable operating leases

As of December 31, 2025, future minimum rentals from noncancelable commercial operating leases (excluding both tenant reimbursements of operating expenses and percentage rent based on tenants' sales) are as follows:



	(In thousands)
Year ending December 31,
2026	$	849,788
2027	809,503
2028	714,912
2029	618,592
2030	514,022
Thereafter	1,938,559
	$	5,445,376

LEASE COST

The following table provides additional information on our operating and finance leases where we are the lessee:


	Year Ended December 31,
	2025		2024			2023
	(In thousands)
LEASE COST:
Finance lease cost:
Amortization of right-of-use assets	$	220	$	220		$	998
Interest on lease liabilities	833		825			4,332
Operating lease cost	5,914		6,048			6,232
Variable lease cost	401		413			348
Total lease cost	$	7,368	$	7,506		$	11,910

OTHER INFORMATION:
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for finance leases	$	713	$	713		$	4,227
Operating cash flows for operating leases	$	6,214	$	6,276		$	6,146
Financing cash flows for finance leases	$	—	$	—		$	55,228



			December 31,
			2025			2024
Weighted-average remaining term - finance leases			68.7 years			69.7 years
Weighted-average remaining term - operating leases			53.7 years			53.2 years
Weighted-average discount rate - finance leases			6.5		%	6.5		%
Weighted-average discount rate - operating leases			4.8		%	4.8		%

FEDERAL REALTY INVESTMENT TRUST 10-K