Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Note 7 - Leases

Lessor

The Company’s rental revenue consists of rent earned from the operating leases at the Company’s industrial and retail properties. The leases at the Company’s industrial and retail properties generally includes a fixed base rent, subject to annual step-ups, and a variable component. The variable component of the Company’s operating leases 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 leases ($ in thousands):

	Three Months Ended March 31,
	2024		2023
Fixed lease payments	$	3,070	$	904
Variable lease payments		403		91
Lease Revenue	$	3,473	$	995
Above- and below-market lease amortization		190		(2	)
Rental Revenue	$	3,663	$	993

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial and retail properties as of March 31, 2024 ($ in thousands):

Year	Future Minimum Rents
2024	$	8,117
2025		10,951
2026		11,214
2027		11,531
2028		11,802
Thereafter		84,314
Total	$	137,929