Lease Revenue

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Lease Revenue

Lease Revenue

We lease our multifamily properties and commercial properties under agreements that are classified as operating leases. Our multifamily leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally included minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases.

The following table summarizes the components of rental revenue for the years ended December 31, 2024, 2023 and 2022:

	For the Year Ended December 31,
	2024		2023		2022
Fixed component	$	43,676	$	45,466	$	32,163
Variable component	1,087		1,557		1,917
Total rental revenue	$	44,763	$	47,023	$	34,080

The following table summarizes the future rental payments to us from under non-cancelable leases, which excludes multifamily properties, which typically have lease terms of one-year or less:

Year	Amount
2025	$	11,709
2026	12,492
2027	12,439
2028	11,885
2029	9,654
Thereafter	20,988
Total	$	79,167