All of the Company's leases 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. Income for these amounts is recognized on a straight-line basis. The Company’s leases also provide for reimbursement of 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. Variable lease income includes the tenants' contractual obligations to reimburse the Company for their portion of recoverable costs incurred and index-based rent adjustments. The following table provides a disaggregation of lease income recognized as either fixed or variable lease income for the three months ended March 31, 2026 and 2025:


	2026			2025
Rental income
Fixed and in-substance fixed lease income		1,894,261			2,192,055
Variable lease income		299,432			197,879
Other related lease income, net:
Amortization of above- and below-market leases, net		(2,209	)		(60,145	)
Straight line rent, net		(17,748	)		41,508
Total Rental income		2,173,736			2,371,297

For the three months ended March 31, 2026 and 2025, the following tenants each accounted for more than 10% of our rental revenue as indicated below:


	2026	2025
General Services Administration - Norfolk, VA, Manteo, NC & Vacaville, CA	19%	14%
Dollar General - multiple locations	15%	12%
Pre-K - San Antonio, TX	12%	10%
Kohl's - Tucson, AZ	12%	N/A
PRA Holdings, Inc. - Norfolk, VA	11%	N/A

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


	As of March 31,
	2026
2026 (9 months remaining)	$	5,531,655
2027		6,778,479
2028		5,553,073
2029		4,360,889
2030		2,484,878
Thereafter		19,259,919
	$	43,968,893

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 approximately $93,762 and $93,762 for the three months ended March 31, 2026 and 2025, 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 $61,278 and $61,278 for the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes the undiscounted future cash flows for subsequent years ending December 31 attributable to the lease liability as of March 31, 2026 and provides a reconciliation to the lease liability included in the accompanying Consolidated Balance Sheets as of March 31, 2026.


	As of March 31,
	2026
2026 (9 months remaining)		183,833
2027		245,111
2028		245,111
2029		257,839
2030		258,996
Thereafter		21,058,699
Total undiscounted liability	$	22,249,589
Present value discount		(15,720,432	)
Lease liability	$	6,529,157
Discount rate		4.58	%
Term Remaining	58 years