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Leases (Tables)
 9 Months Ended
Sep. 30, 2022
Leases, Operating [Abstract]  
Schedule of rental revenue recognized for operating leases
The following table represents rental revenue that the Company recognized related to its operating leases (in thousands):
For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2022202120222021
Fixed payments
$11,435 $8,623 $31,581 $23,791 
Variable payments
1,746 1,581 5,084 3,877 
$13,181 $10,204 $36,665 $27,668 
Schedule of future operating lease payments to be received
Future minimum lease payments to be received as of September 30, 2022 under non-cancellable operating leases for the next five years and thereafter are as follows:
Year Ending December 31,
Amount (1)
(in thousands)
    2022 - Remaining(2)
$10,314 
202339,581 
202436,062 
202529,620 
202621,791 
Thereafter
25,701 
Total
$163,069 
Explanatory Notes:
(1)The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses.
(2)As of September 30, 2022, the leases at 63 of the Company's properties were expired, and the USPS was occupying such properties as a holdover tenant. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.
Schedule of net investment in financing lease The components of the Company’s net investment in financing leases as of September 30, 2022 and December 31, 2021 are summarized in the table below (in thousands):
As of
September 30,
2022
As of
December 31,
2021
Total minimum lease payment receivable
$33,499 $34,352 
Less: unearned income
(17,350)(18,139)
Investment in financing leases, net$16,149 $16,213 
Schedule of future lease payments under direct financing lease
Future lease payments to be received under the Company’s direct financing leases as of September 30, 2022 for the next five years and thereafter are as follows:
Year Ending December 31,Amount
(in thousands)
2022 – Remaining$284 
20231,137 
20241,137 
20251,137 
20261,137 
Thereafter
28,667 
Total
$33,499 
Schedule of prepaid expenses and other assets and accounts payable and accrued expenses Operating right-of-use ("ROU") assets and lease liabilities are included in “Prepaid expenses and other assets, net” and “Accounts payable, accrued expense and other” on the Consolidated Balance Sheets as follows (in thousands):
As of
September 30,
2022
As of
December 31,
2021
ROU asset – operating leases
$968 $1,058 
Lease liability – operating leases$971 $1,071 
Schedule of future minimum lease payments
Future minimum lease payments to be paid by the Company as a lessee for operating leases as of September 30, 2022 for the next five years and thereafter are as follows (in thousands):
2022 — Remaining$59 
2023239 
2024115 
202540 
202637 
Thereafter
1,222 
Total future minimum lease payments
1,712 
Interest discount
(741)
Total
$971