Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

11. Leases

Lessor

The Company’s rental revenue primarily consists of rent earned from operating leases at the Company’s multifamily, single-family rental, retail and net lease industrial properties. Leases at the Company’s retail and industrial properties include a fixed base rent, and a variable rent component that consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs. Rental revenue earned from leases at the Company’s multifamily and single-family properties primarily consist of a fixed base rent, and certain leases contain a variable component that allows for the pass-through of certain operating expenses such as utilities.

The leases at the Company’s net lease retail and industrial properties are longer-term and contain extension and termination options at the lessee’s election. The leases do not have material variable payments, material residual value guarantees or material restrictive covenants. Leases at the Company’s multifamily and single-family rental properties are short-term in nature, generally not greater than 12 months in length, and therefore not included in the tables below.

The following table details the components of operating lease income from the Company's retail and industrial properties ($ in thousands).

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
Fixed lease payments	$	1,557	$	223	$	2,668	$	443
Total fixed lease payments	$	1,557	$	223	$	2,668	$	443

The following table presents the future minimum rents the Company expects to receive from its retail and industrial properties as of June 30, 2024 ($ in thousands).

Year	Amount
2024 (remainder)	$	4,041
2025		8,130
2026		8,272
2027		8,386
2028		8,171
Thereafter		29,961
Total	$	66,961