XML 39 R25.htm IDEA: XBRL DOCUMENT v3.24.3
Tenant Leases
 9 Months Ended
Sep. 30, 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 September 30,Nine Months Ended September 30,
in thousands2024202320242023
Fixed lease payments$13,271 $14,129 $39,155 $41,627 
Variable lease payments1,423 1,883 4,591 5,437 
Rental revenue$14,694 $16,012 $43,746 $47,064 
Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows:
in thousandsFuture Minimum
YearRents
2024 (remainder)$3,210 
202512,952 
202613,171 
202712,694 
202811,915 
20299,079 
Thereafter41,863 
Total$104,884 
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.