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Leases (Tables)
 3 Months Ended
Mar. 31, 2024
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
March 31,
20242023
Fixed payments
$14,439 $12,550 
Variable payments
2,165 1,949 
$16,604 $14,499 
Schedule of future operating lease payments to be received
Future minimum lease payments to be received as of March 31, 2024 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):
Year Ending December 31,
Amount (1)(2)(3)
    2024 - Remaining$37,058 
202544,075 
202635,346 
202720,986 
202812,230 
Thereafter
10,868 
Total
$160,563 
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 March 31, 2024, the leases at 98 of the Company's properties were expired and the USPS was occupying such properties as a holdover tenant. As such, the above minimum lease payments to be received do not include payments under these holdover leases. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.
(3)In August 2023, the Company received notice from the USPS to terminate the lease for one property, which termination became effective in February 2024. Also excludes lease payments from one property sold in April 2024.
Schedule of net investment in financing lease The components of the Company’s net investment in financing leases as of March 31, 2024 and December 31, 2023 are summarized in the table below (in thousands):
As of
March 31,
2024
As of
December 31,
2023
Total minimum lease payment receivable
$31,793 $32,078 
Less: unearned income
(15,775)(16,036)
Investment in financing leases, net$16,018 $16,042 
Schedule of future lease payments under direct financing lease
Future lease payments to be received under the Company’s direct financing leases as of March 31, 2024 for the next five years and thereafter are as follows (in thousands):
Year Ending December 31,Amount
2024 – Remaining$853 
20251,137 
20261,137 
20271,137 
20281,137 
Thereafter
26,392 
Total
$31,793 
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 expenses and other, net” on the Consolidated Balance Sheets as follows (in thousands):
As of
March 31,
2024
As of
December 31,
2023
ROU asset – operating leases
$970 $967 
Lease liability – operating leases$997 $994 
Schedule of future minimum lease payments
Future minimum lease payments to be paid by the Company as a lessee for operating leases as of March 31, 2024 for the next five years and thereafter are as follows (in thousands):
2024 — Remaining$97 
202595 
202684 
202757 
202850 
Thereafter
1,668 
Total future minimum lease payments
2,051 
Interest discount
(1,054)
Total
$997