BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Accounting Standards Update and Change in Accounting Principle

The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”).


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses; ASU 2025-01, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date	This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. In 2025, an additional ASU was issued to provide clarification on the effective date of the original ASU.	This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.	The ASU will require additional disclosure but is not expected to have a material impact on the Company.

Schedule of Future Lease Income for Operating Leases

The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of March 31, 2025, was as follows:


	(in thousands)
2025 (remainder)	$	2,036
2026	2,651
2027	2,378
2028	2,012
2029	1,688
Thereafter	6,073
Total scheduled lease income - operating leases	$	16,838

Schedule of Disaggregation of Revenue

The following table presents the disaggregation of revenue streams for the three months ended March 31, 2025 and 2024:


		(in thousands)
		Three Months Ended March 31,
Revenue Stream	Applicable Standard	2025		2024
Fixed lease income - operating leases	Leases	$	62,197	$	60,034
Variable lease income - operating leases	Leases	3,831		3,287
Other property revenue	Revenue from contracts with customers	1,065		1,185
Total revenue		$	67,093	$	64,506