Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

Note 7 - Leases

Lessor

The Company’s rental revenue consists of rent earned from the operating lease at the Company’s industrial property. The lease at the Company’s industrial property includes a fixed base rent, subject to annual step-ups, and a variable component. The variable component of the Company’s operating lease primarily consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs.

The following table summarizes the fixed and variable components of the Company's operating lease as of June 30, 2023 ($ in thousands):

	Three Months Ended June 30,			Six Months Ended June 30,
	2023			2023
Fixed lease payments	$	945		$	1,849
Variable lease payments		112			203
Lease Revenue	$	1,057		$	2,052
Above-market lease amortization		(3	)		(5	)
Rental Revenue	$	1,054		$	2,047

The Company had no leases as of December 31, 2022.

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial property as of June 30, 2023 ($ in thousands):

Year	Future Minimum Rents
2023 (remaining)	$	1,512
2024		3,106
2025		3,207
2026		3,311
2027		3,419
2028		3,530
Thereafter		38,192
Total	$	56,277