Leases

3 Months Ended

Mar. 31, 2026

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.

The following table details the components of operating lease income ($ in thousands):

	For the Three Months Ended March 31,
	2026		2025
Fixed lease payments	$	25,005	$	7,055
Variable lease payments		4,667		1,215
Rental revenue	$	29,672	$	8,270

The following table presents the future minimum rents the Company expects to receive from its retail and industrial properties as of March 31, 2026 ($ in thousands):

Year	Amount
2026 (remaining)	$	25,410
2027		33,917
2028		32,762
2029		29,668
2030		25,910
Thereafter		135,331
Total	$	282,998