XML 41 R27.htm IDEA: XBRL DOCUMENT v3.25.3
Tenant Leases
 9 Months Ended
Sep. 30, 2025
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 thousands2025202420252024
Fixed lease payments$13,321 $13,271 $38,809 $39,155 
Variable lease payments2,351 1,423 6,279 4,591 
Rental revenue$15,672 $14,694 $45,088 $43,746 
Aggregate minimum annual rentals for our consolidated real estate investments through the non-cancelable lease term are as follows:
in thousandsFuture Minimum
Year
Rents(1)
2025 (remainder)$5,472 
202621,368 
202718,802 
202817,031 
202914,337 
203012,310 
Thereafter52,624 
Total$141,944 
(1)Includes leases for our industrial, office and retail properties which typically have long-term leases over multiple years. All other properties issue short term-leases which have no contractual obligations for future years.
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.