v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Total Lease Costs Associated with Operating and Finance Leases
The following table summarizes the total lease costs associated with operating and finance leases:
(in thousands)Financial Statement PresentationFor the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2025202420252024
Operating lease costs:
Office leasesGeneral and administrative$288 $249 $540 $504 
Ground leasesProperty and operating expense33 33 66 76 
Ground leases - development propertiesProperty under development55 — 111 — 
Variable lease costs - ground leasesProperty and operating expense17 16 37 28 
Financing lease costs:
Amortization of right-of-use assetsDepreciation and amortization14 — 23 — 
Interest expense on lease liabilitiesInterest expense67 — 112 — 
Total lease cost$474 $298 $889 $608 
Schedule of Payments Associated with Obligations Under Operating and Finance Leases
The following table summarizes payments associated with obligations under operating and finance leases reported as Net cash provided by operating activities on the accompanying Condensed Consolidated Statements of Cash Flows:
For the Six Months Ended
June 30,
(in thousands)20252024
Operating lease payments$719 $440 
Financing lease payments91 — 
Total$810 $440 
Schedule of Minimum Future Rental Payments due from the Company for Operating Leases
At June 30, 2025, minimum future rental payments due from the Company for operating and finance leases over the next five years and thereafter are as follows:
(in thousands)Operating LeasesFinancing Leases
Remainder of 2025$650 $109 
20261,306 218 
20271,251 218 
20281,134 218 
20291,174 238 
Thereafter15,834 18,306 
Total undiscounted lease payments21,349 19,307 
Present value adjustment for remaining lease payments(11,461)(16,605)
Total lease liability$9,888 $2,702 
Schedule of Minimum Future Rental Payments due from the Company for Finance Leases
At June 30, 2025, minimum future rental payments due from the Company for operating and finance leases over the next five years and thereafter are as follows:
(in thousands)Operating LeasesFinancing Leases
Remainder of 2025$650 $109 
20261,306 218 
20271,251 218 
20281,134 218 
20291,174 238 
Thereafter15,834 18,306 
Total undiscounted lease payments21,349 19,307 
Present value adjustment for remaining lease payments(11,461)(16,605)
Total lease liability$9,888 $2,702