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Leases (Tables)
 12 Months Ended
Dec. 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):
Years Ended December 31,
20242023
Fixed payments$63,523 $52,668 
Variable payments9,620 8,302 
$73,143 $60,970 
Schedule of future operating lease payments to be received
Future minimum lease payments to be received as of December 31, 2024 under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):(1)
Year Ending December 31,Amount
2025(2)
$64,709 
202656,251 
202741,626 
202830,064 
202921,292 
Thereafter
48,324 
Total
$262,266 
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 December 31, 2024, the leases at seven 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.
Schedule of components of net investment in financing lease
As of December 31, 2024 and 2023, financing leases for two of the Company’s properties provide the USPS with the option to purchase the underlying property at fixed prices as of dates set forth in the lease agreement. The components of the Company’s net investment in financing leases as of December 31, 2024 and 2023 are summarized in the table below (in thousands):
As of December 31,
20242023
Total minimum lease payment receivable$30,940 $32,078 
Less: unearned income(14,989)(16,036)
Investment in financing leases, net$15,951 $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 December 31, 2024 for the next five years and thereafter are as follows (in thousands):
Year Ending December 31,Amount
2025$1,137 
20261,137 
20271,137 
20281,137 
20291,137 
Thereafter
25,255 
Total
$30,940 
Schedule of lease assets and liabilities 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 December 31,
2024		As of December 31,
2023
ROU asset – operating leases
$2,188 $967 
Lease liability – operating leases
$2,165 $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 December 31, 2024 for the next five years and thereafter are as follows (in thousands):
2025$325 
2026325 
2027318 
2028319 
2029324 
Thereafter
2,017 
Total future minimum lease payments
$3,628 
Interest discount
(1,463)
Total
$2,165