Tenant Leases

3 Months Ended

Mar. 31, 2024

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 operating lease income:

	Three Months Ended March 31,
$ in thousands	2024		2023
Fixed lease payments	$	12,891	$	13,774
Variable lease payments	1,603		1,726
Rental revenue	$	14,494	$	15,500

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

$ in thousands	Future Minimum
Year	Rents
2024 (remainder)	$	8,822
2025	11,269
2026	11,447
2027	11,254
2028	11,418
2029	8,565
Thereafter	41,863
Total	$	104,638

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.