Revenues

9 Months Ended

Sep. 30, 2023

Revenues [Abstract]

Revenues

Revenues

Rental revenues for the three and nine months ended September 30, 2023 and 2022, respectively, are comprised of the following:

	Three months ended September 30,				Nine months ended September 30,
	2023		2022		2023		2022
Base rents	$	6,003,000	$	5,698,000	$	17,789,000	$	18,180,000
Expense recoveries - variable lease revenue	1,759,000		1,698,000		5,674,000		5,953,000
Percentage rent - variable lease revenue	85,000		71,000		369,000		337,000
Straight-line rents	203,000		3,000		665,000		(42,000)
Above (below) market lease amortization, net	105,000		90,000		233,000		411,000
	8,155,000		7,560,000		24,730,000		24,839,000
Credit adjustments on operating lease receivables	185,000		(38,000)		504,000		(510,000)
Total rental revenues	$	8,340,000	$	7,522,000	$	25,234,000	$	24,329,000

The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue.