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LEASES (Tables)
12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Operating Lease Liability Maturities

Maturities of operating lease liabilities were as follows:

 

(In thousands)

 

December 31, 2024

 

2025

 

$

470

 

2026

 

 

310

 

2027

 

 

319

 

2028

 

 

319

 

2029

 

 

319

 

Thereafter

 

 

4,113

 

Total Payments

 

 

5,850

 

Less: Interest

 

 

(1,736

)

Operating Lease Liability

 

$

4,114

 

Schedule of Components of Rental Revenue

The following table shows the components of rental revenue.

 

 

 

Year Ended December 31,

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

Lease revenue - operating leases

 

$

227,588

 

 

$

210,433

 

 

$

187,026

 

Variable lease revenue (tenant reimbursements)

 

 

9,546

 

 

 

9,448

 

 

 

6,585

 

Total Rental Revenue

 

$

237,134

 

 

$

219,881

 

 

$

193,611

 

Schedule of Future Minimum Lease Payments to be Received

The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. The table presents future minimum lease payments due during the initial lease term only as lease renewal periods are exercisable at the option of the lessee.

 

(In thousands)

 

December 31, 2024

 

2025

 

$

239,980

 

2026

 

 

239,750

 

2027

 

 

232,034

 

2028

 

 

205,940

 

2029

 

 

179,575

 

Thereafter

 

 

804,026

 

Total Future Minimum Lease Payments

 

$

1,901,305