All of the Company's leases of real estate are classified as operating leases. The Company's Rental income is comprised of both fixed and variable income. Fixed and in-substance fixed lease income includes stated amounts per the lease contract, which are primarily related to base rent. The Company’s leases also provide for reimbursement from tenants for common area maintenance (“CAM”), insurance, real estate taxes and other operating expenses (“Recoverable Costs”). A portion of our operating cost reimbursement revenue is estimated each period and is recognized as rental income in the period the recoverable costs are incurred and accrued. Income for these amounts is recognized on a straight-line basis. Variable lease income includes the tenants' contractual obligations to reimburse the Company for their portion of Recoverable Costs incurred. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income:


	2025			2024
Rental income
Fixed and in-substance fixed lease income		8,769,808			8,086,951
Variable lease income		1,035,480			1,715,047
Other related lease income, net:
Amortization of above- and below-market leases, net		(172,500	)		(263,442	)
Straight line rent, net		66,203			(27,765	)
Total Rental income		9,698,991			9,510,791

For the twelve months ended December 31, 2025 and 2024, we had five tenants and five tenants, respectively, that each account for more than 10% of our annual rental revenue as indicated below:


	2025	2024
General Services Administration - Norfolk, VA, Manteo, NC & Vacaville, CA	16%	12%
Dollar General - multiple locations	13%	12%
Pre-K - San Antonio, TX	11%	11%
Kohl's - Tucson, AZ	10%	10%
PRA Holdings, Inc. - Norfolk, VA	11%	<10%
exp U.S. Services - Maitland, FL	N/A	10%

The following table presents future minimum rental cash payments due to the Company over the next five calendar years and thereafter as of December 31:


	As of December 31,
	2025
2026	$	7,527,656
2027		6,898,479
2028		5,673,073
2029		4,480,889
2030		2,604,878
Thereafter		19,289,918
	$	46,474,893

The Company acquired one property on March 9, 2022 that is subject to a non-cancelable, long-term ground lease where a third party owns the underlying land and has leased the land to the Company. Accordingly, the Company owns only a long-term leasehold in this property. This ground lease expires in 2084 including those options the Company deems probable of exercising. The ground lease expense is recognized on a straight-line basis over the term of the lease, including management's estimate of expected option renewal periods. Operating lease expense was $375,047 for the twelve months ended for both December 31, 2025 and 2024, respectively. There are no variable lease expenses required to be paid by the Company as lessee per the lease terms. Cash paid for amounts included in the measurement of the Lease liability, net was $245,111 and $244,077 for the twelve months ended December 31, 2025 and 2024, respectively.

The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as December 31, 2025 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of December 31, 2025.


	As of December 31,
	2025
2026		245,111
2027		245,111
2028		245,111
2029		257,839
2030		258,996
Thereafter		21,058,698
Total undiscounted liability	$	22,310,866
Present value discount		(15,794,855	)
Lease liability	$	6,516,011
Discount rate		4.58	%
Term Remaining	58 years