Lease Revenue

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Lease Revenue

Lease Revenue

We lease our multifamily properties and commercial properties under agreements that are classified as operating leases. Our multifamily property leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally include 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 our rental revenue for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Fixed component	$	11,162	$	10,999
Variable component	265		280
	$	11,427	$	11,279

The following table summarizes the future rental payments that are payable to us from non-cancelable leases. The table excludes multifamily leases, which typically have a term of one-year or less:

2025	$	11,726
2026	12,478
2027	12,366
2028	11,569
2029	8,886
Thereafter	19,356
	$	76,381