v3.25.2
LEASES (Tables)
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Operating Lease Liability Maturities

Maturities of operating lease liabilities were as follows:

 

(In thousands)

 

June 30,

 

2025 (Six Months)

 

$

280

 

2026

 

 

721

 

2027

 

 

743

 

2028

 

 

755

 

2029

 

 

768

 

Thereafter

 

 

4,419

 

Total Payments

 

 

7,686

 

Less: Interest

 

 

(1,923

)

Operating Lease Liability

 

$

5,763

 

Schedule of Components of Rental Revenue

The following table shows the components of rental revenue.

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

(In thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Lease revenue - operating leases

 

$

62,090

 

 

$

56,223

 

 

$

122,832

 

 

$

112,111

 

Variable lease revenue (tenant reimbursements)

 

 

2,724

 

 

 

2,316

 

 

 

5,464

 

 

 

5,001

 

Total Rental Revenue

 

$

64,814

 

 

$

58,539

 

 

$

128,296

 

 

$

117,112

 

Schedule of Future Minimum Lease Payments to be Received

The following table presents the scheduled minimum future contractual rent to be received under the remaining non-cancelable term of the operating leases. The table presents future minimum lease payments due during the initial lease term only as lease renewal periods are exercisable at the option of the lessee.

 

(In thousands)

 

June 30,

 

2025 (Six Months)

 

$

125,179

 

2026

 

 

251,097

 

2027

 

 

243,700

 

2028

 

 

217,457

 

2029

 

 

191,175

 

Thereafter

 

 

923,876

 

Total Future Minimum Lease Payments

 

$

1,952,484