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LEASES (Tables)
3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Operating Lease Liability Maturities

Maturities of operating lease liabilities were as follows:

 

(In thousands)

 

March 31,

 

2025 (Nine Months)

 

$

290

 

2026

 

 

310

 

2027

 

 

319

 

2028

 

 

319

 

2029

 

 

319

 

Thereafter

 

 

4,112

 

Total Payments

 

 

5,669

 

Less: Interest

 

 

(1,691

)

Operating Lease Liability

 

$

3,978

 

Schedule of Components of Rental Revenue

The following table shows the components of rental revenue.

 

 

Three Months Ended
March 31,

 

(In thousands)

 

2025

 

 

2024

 

Lease revenue - operating leases

 

$

60,742

 

 

$

55,888

 

Variable lease revenue (tenant reimbursements)

 

 

2,740

 

 

 

2,685

 

Total Rental Revenue

 

$

63,482

 

 

$

58,573

 

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)

 

March 31,

 

2025 (Nine Months)

 

$

183,278

 

2026

 

 

244,960

 

2027

 

 

237,446

 

2028

 

 

211,358

 

2029

 

 

185,021

 

Thereafter

 

 

865,914

 

Total Future Minimum Lease Payments

 

$

1,927,977