v3.25.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Projected Impact of Above Market Below Market and In-Place Lease Intangibles

The following table presents the projected impact for the remainder of 2025, the next five years and thereafter related to the net increase to rental revenue from the amortization of the acquired above-market and below-market lease intangibles and the increase to amortization expense of the in-place lease intangibles for properties owned at March 31, 2025 (in thousands):

 

 

 

 

 

 

 

Net increase (decrease) to rental revenues

 

 

Increase to amortization expense

 

Remainder of 2025

$

162

 

 

$

873

 

2026

 

(14

)

 

 

907

 

2027

 

4

 

 

 

673

 

2028

 

4

 

 

 

549

 

2029

 

(46

)

 

 

481

 

2030

 

(63

)

 

 

458

 

Thereafter

 

(108

)

 

 

909

 

 

$

(61

)

 

$

4,850

 

Schedule of Assets Held for Sale

The property has been classified as held for sale as of March 31, 2025, as shown in the following table (in thousands):

 

 

25 Corporate Place South

 

Real estate, net

 

$

8,034

 

Prepaid expenses and other assets

 

 

69

 

 Asset held for sale

 

$

8,103

 

Summary of Future Minimum Contractual Lease Payments to be Received

Future minimum contractual lease payments to be received by the Company (without taking into account straight-line rent, amortization of intangibles, tenant reimbursements and properties held for sale) as of March 31, 2025, under operating leases for the remainder of 2025, the next five years, and thereafter are as follows (in thousands):

Remainder of 2025

$

49,947

 

2026

 

67,669

 

2027

 

61,297

 

2028

 

54,695

 

2029

 

46,643

 

2030

 

40,870

 

Thereafter

 

189,052

 

Total

$

510,173

 

 

Schedule Of Additional Disclosures Regarding Rental Income

The following table presents additional disclosures regarding the Company’s rental income for the three months ended March 31, 2025 and 2024 (in thousands):

 

 

2025

 

 

2024

 

Fixed lease revenue

 

$

17,058

 

 

$

16,397

 

Variable lease revenue

 

 

3,708

 

 

 

3,575

 

Total lease revenue

 

$

20,766

 

 

$

19,972

 

Schedule of Future Lease Obligations of Office Lease

The following table presents the future lease obligations of the Company’s office lease for the remainder of 2025, the next five years, and thereafter (in thousands):

Remainder of 2025

 

$

273

 

2026

 

 

374

 

2027

 

 

385

 

2028

 

 

397

 

2029

 

 

409

 

2030

 

 

421

 

Thereafter

 

 

469

 

Total future minimum lease payments

 

 

2,728

 

Less imputed interest

 

 

308

 

Total right-of-use liability - operating lease

 

$

2,420

 

Schedule of Additional Disclosures Regarding Office Lease

The following table presents additional disclosures regarding the Company’s office lease for the three months ended March 31, 2025 and 2024 (in thousands):

 

 

2025

 

 

2024

 

Operating lease costs

 

$

90

 

 

$

88

 

Variable lease costs

 

 

2

 

 

 

3

 

Total lease costs

 

$

92

 

 

$

91