Rentals Under Operating Leases

12 Months Ended

Dec. 31, 2019

Leases, Operating [Abstract]

Rentals Under Operating Leases

Note 8. Rentals Under Operating Leases

As of December 31, 2019, all of the properties owned by the Company were leased to a single tenant, the USPS, other than a de-minimis non-postal tenant that shares space in a building leased to the USPS. The leases expire at various dates through November 30, 2029.

Future minimum lease payments to be received as of December 31, 2019 under non-cancellable operating leases for the next five years and thereafter are as follows: ⁽¹⁾

Year Ending December 31,	Amount
2020	$	11,855,034
2021		10,172,259
2022		6,528,706
2023		4,437,662
2024		2,699,975
Thereafter		3,888,553
Total	$	39,582,189

Explanatory Note:

(1) The above minimum lease payments to be received do not include reimbursements from the USPS for real estate taxes.