Tenant Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Tenant Leases

Tenant Leases

Our real estate properties are leased to tenants under operating lease agreements that expire on various dates. Our tenants have the option to extend or terminate certain leases at their discretion and also have termination options that may result in additional fees due to the Company.

We recognize rental revenue on a straight-line basis over the life of the lease, including any rent steps or abatement provisions. Our tenant leases do not have material residual value guarantees or material restrictive covenants.

The following table details the components of our operating lease income:

	For the Year Ended December 31,
$ in thousands	2023		2022		2021
Fixed lease payments	$	55,018	$	47,679	$	11,603
Variable lease payments	7,356		6,181		1,359
Rental revenue	$	62,374	$	53,860	$	12,962

Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows:

$ in thousands
Year	Future Minimum Rents
2024	$	11,793
2025	11,239
2026	11,414
2027	11,218
2028	11,417
Thereafter	50,263
Total	$	107,344

Certain leases provide for additional rental amounts based upon the recovery of actual operating expenses in excess of specified base amounts or contractual increases as defined in the lease agreement. These contractual contingent rentals are not included in the table above.