Future minimum rental receipts, excluding variable payments and tenant reimbursements of expenses, and rents related to tenants in default, under non-cancelable operating leases executed as of March 31, 2026 is approximately as follows (in thousands):


	March 31, 2026
Remainder of 2026	$	3,802
2027		4,968
2028		2,213
2029		432
2030		431
2031		414
Thereafter		1,000
Total	$	13,260

The components of rental revenues for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Fixed rental revenues	$	1,554	$	3,250
Variable rental revenues		341		1,459
Total rental revenues	$	1,895	$	4,709

As of March 31, 2026 and December 31, 2025, the Company has one ground lease which is classified as an operating lease. As of March 31, 2026, and December 31, 2025, respectively, the outstanding amount of right of use (“ROU”) assets was $10.2 million, which is included in prepaid expenses, deferred expenses and other assets, net on the condensed consolidated balance sheets. As of March 31, 2026, and December 31, 2025, respectively, the outstanding lease liabilities was $0.6 million, which is included in accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets.

The Company recorded rent expense related to leased corporate office space of $56.4 thousand and $0.5 million for the three months ended March 31, 2026 and 2025, respectively. Such rent expense is classified within general and administrative expenses on the condensed consolidated statements of operations.

On July 28, 2025, the Company entered into a one year extension for a portion of its office space at a cost of $19.0 thousand per month. The Company elected a short term lease exemption permissible under ASC 842 as the lease has no options to additionally extend and there are no costs associated with the end of the lease.

In addition, the Company recorded ground rent expense of approximately $11.2 thousand for the three months ended March 31, 2026 and 2025, respectively. Such ground rent expense is classified within property operating expenses on the condensed consolidated statements of operations. The ground lease requires the Company to make fixed annual rental payments and expires in 2073 assuming all extension options are exercised.

As of March 31, 2026, the Company expects to make cash payments on operating leases of $0.1 million in 2026, $45.0 thousand in 2027, $45.0 thousand in 2028, $45.0 thousand in 2029, $45.0 thousand in 2030, $45.0 thousand in 2031, and $1.9 million for the periods thereafter. The present value discount is ($0.6) million.

The following table sets forth information related to the measurement of our lease liabilities as of March 31, 2026:


	March 31, 2026
Weighted-average remaining lease term (in years)		47.8
Weighted-average discount rate		7.52	%
Cash paid for operating leases (in thousands)	$	68