Revenues and Tenant Receivables

3 Months Ended

Mar. 31, 2025

Revenues [Abstract]

Revenues and Tenant Receivables

Revenues and Tenant Receivables

Tenant Receivables

As of March 31, 2025 and December 31, 2024, the Company's allowance for uncollectible tenant receivables totaled $0.2 million and $0.3 million, respectively. At each of March 31, 2025 and December 31, 2024, there was $4.1 million in unbilled straight-line rent, which is included in "Receivables, net".

Revenues

Revenues are comprised of the following:

	Three months ended March 31,
	2025		2024
Base rents	$	5,165,000	$	6,184,000
Expense recoveries - variable lease revenue	1,997,000		2,272,000
Percentage rent - variable lease revenue	91,000		79,000
Straight-line rents	283,000		58,000
Above (below) market lease amortization, net	45,000		75,000
Other	23,000		50,000
	7,604,000		8,718,000
Credit adjustments on operating lease receivables	(189,000)		47,000
Total revenues	$	7,415,000	$	8,765,000

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.