Revenues

12 Months Ended

Dec. 31, 2023

Revenues [Abstract]

Revenues

Revenues

Rental revenues for 2023 and 2022, respectively, are comprised of the following:

	Years ended December 31,
	2023		2022
Base rents	$	23,902,000	$	23,997,000
Expense recoveries - variable lease revenue	7,705,000		8,001,000
Percentage rent - variable lease revenue	479,000		531,000
Straight-line rents	854,000		77,000
Above (below) market lease amortization, net	336,000		896,000
	33,276,000		33,502,000
Credit adjustments on operating lease receivables	711,000		(539,000)
Total rental revenues	$	33,987,000	$	32,963,000

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.

Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2023 are approximately as follows:

2024	$	24,680,000
2025	24,042,000
2026	22,237,000
2027	20,212,000
2028	15,329,000
Thereafter	51,420,000
	$	157,920,000

Total future minimum rents do not include expense recoveries for real estate taxes and operating costs, or percentage rents based upon tenants' sales volume. Such amounts do not include amortization of intangible lease liabilities.