Note 6 - Rental Income Under Operating Leases

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

6. Rental Income under Operating Leases

The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of September 30, 2023, the minimum future cash rents receivable (excluding tenant reimbursements for operating expenses) under non-cancelable operating leases for the commercial tenants in each of the next five years and thereafter are as follows:

2023 (Remainder)	$	7,580
2024		30,457
2025		24,822
2026		4,548
2027		3,915
Thereafter		19,315
Total	$	90,637

The Company has commercial leases with the City of New York that comprised approximately 23% and 24% of total revenues for the three months ended September 30, 2023 and 2022, respectively, and 23% and 24% of total revenues for the nine months ended September 30, 2023 and 2022, respectively.