Leases

9 Months Ended

Sep. 30, 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, retail and multifamily 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Fixed lease payments	$	5,026	$	1,295	$	12,068	$	3,144
Variable lease payments		1,123		206		2,438		409
Lease Revenue	$	6,149	$	1,501	$	14,506	$	3,553
Above- and below-market lease amortization		153		42		514		37
Rental Revenue	$	6,302	$	1,543	$	15,020	$	3,590

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, retail and multifamily properties as of September 30, 2024 ($ in thousands):

Year	Future Minimum Rents
2024 (remaining)	$	4,282
2025		16,411
2026		15,315
2027		15,749
2028		16,141
Thereafter		93,846
Total	$	161,744