Quarterly report [Sections 13 or 15(d)]

Leases (Tables)

v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Lease Income
The components of rental revenue from the Company’s operating leases during the periods indicated below were as follows (in thousands):
Three Months Ended March 31,
2025 2024
Fixed:
Cash rental revenue $ 23,642  $ 31,678 
Straight-line rental revenue 3,631  549 
Lease intangible amortization 250  414 
Fixed property operating cost reimbursements 1,509  1,446 
Other fixed rental revenue 703  1,038 
Total fixed 29,735  35,125 
Variable:
Variable property operating cost reimbursements 7,460  11,196 
Other variable rental revenue 602  674 
Total variable 8,062  11,870 
Total rental revenue $ 37,797  $ 46,995 
Schedule of Operating Lease Payments to be Received
The following table presents future minimum base rent payments due to the Company under the terms of its operating lease agreements, excluding expense reimbursements, over the next five years and thereafter as of March 31, 2025 (in thousands).
Future Minimum
Base Rent Payments
April 1, 2025 - December 31, 2025
 $ 65,187 
2026 83,276 
2027 69,676 
2028 60,787 
2029 44,090 
2030 42,042 
Thereafter 203,574 
Total $ 568,632 
Schedule of Operating Lease Liability, Maturity
The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground and corporate office lease obligations as of March 31, 2025 (in thousands).
Future Minimum Lease Payments
April 1, 2025 - December 31, 2025
 $ 888 
2026 778 
2027 752 
2028 761 
2029 473 
2030 447 
Thereafter 11,597 
Total 15,696 
Less: imputed interest 5,450 
Total $ 10,246