Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Disaggregation of Lease Income

The following table provides a disaggregation of lease income recognized under ASC 842 (in thousands):

	Year Ended December 31,
	2025		2024		2023
Rental revenue
Fixed lease income (1)	$	166,769	$	138,101	$	110,177
Variable lease income (2)	15,210		12,263		13,179
Other rental revenue:
Above/below market lease amortization, net	1,006		1,219		1,400
Lease incentives	(849)		(760)		(789)
Rental revenue (including reimbursable)	$	182,136	$	150,823	$	123,967

(1) Fixed lease income includes contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term.

(2) Variable lease income primarily includes tenant reimbursements for real estate taxes, insurance, common area maintenance, and reserves for uncollectible amounts. There were no material reserves, write-offs, or recoveries of uncollectible amounts during the periods indicated above.

Schedule of Future Minimum Base Rental Receipts

Scheduled future minimum base rental payments (excluding base rental payments from properties classified as held for sale and straight-line rent adjustments for all properties) due to be received under the remaining noncancellable term of the operating leases in place as of December 31, 2025 are as follows (in thousands):

	Future Minimum Base Rental Receipts
2026	$	184,082
2027	182,925
2028	177,987
2029	169,441
2030	158,813
Thereafter	1,140,063
Total	$	2,013,311

Schedule of Future Minimum Base Rental Payments

The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for the corporate office lease obligation as of December 31, 2025 (in thousands):

	Future Minimum Lease Payments
2026	$	653
2027	670
2028	689
2029	707
2030	727
Thereafter	1,189
Total lease payments	4,635
Less: Amount representing interest (1)	(480)
Present value of operating lease liabilities	$	4,155

(1) Imputed interest was calculated using a discount rate of 3.25%. The discount rate is based on the estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using various factors, including REIT industry performance.

Lease Expense Components

The following table presents the Company’s lease expense components (in thousands):

	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	542	$	542	$	542
Variable lease cost	$	317	$	316	$	306