v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases, Operating [Abstract]  
Schedule of rental revenue recognized for operating leases
The following table represents rental revenue that the Company recognized related to its operating leases (in thousands):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2025202420252024
Fixed payments
$20,055 $15,119 $38,716 $29,559 
Variable payments
2,675 2,245 5,494 4,410 
$22,730 $17,364 $44,210 $33,969 
Schedule of future operating lease payments to be received
Future minimum lease payments to be received as of June 30, 2025 (excluding base rental payments from properties classified as held for sale under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):
Year Ending December 31,
Amount (1)(2)
    2025 - Remaining$37,160 
202668,317 
202753,537 
202840,945 
202930,463 
Thereafter
84,724 
Total
$315,146 
Explanatory Notes:
(1)The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses.
(2)As of June 30, 2025, the leases at three of the Company's properties were expired and the USPS was occupying such properties as a holdover tenant. As such, the above minimum lease payments to be received do not include payments under these holdover leases. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.
Schedule of net investment in financing lease The components of the Company’s net investment in financing leases as of June 30, 2025 and December 31, 2024 are summarized in the table below (in thousands):
As of
June 30,
2025
As of
December 31,
2024
Total minimum lease payment receivable
$30,372 $30,940 
Less: unearned income
(14,475)(14,989)
Investment in financing leases, net$15,897 $15,951 
Schedule of future lease payments under direct financing lease
Future lease payments to be received under the Company’s direct financing leases as of June 30, 2025 for the next five years and thereafter are as follows (in thousands):
Year Ending December 31,Amount
2025 – Remaining$569 
20261,137 
20271,137 
20281,137 
20291,137 
Thereafter
25,255 
Total
$30,372 
Schedule of prepaid expenses and other assets and accounts payable and accrued expenses Operating right-of-use ("ROU") assets and lease liabilities are included in “Prepaid expenses and other assets, net” and “Accounts payable, accrued expenses and other, net” on the Consolidated Balance Sheets as follows (in thousands):
As of
June 30,
2025
As of
December 31,
2024
ROU asset – operating leases
$2,301 $2,188 
Lease liability – operating leases$2,157 $2,165 
Schedule of future minimum lease payments
Future minimum lease payments to be paid by the Company as a lessee for operating leases as of June 30, 2025 for the next five years and thereafter are as follows (in thousands):
2025 — Remaining$169 
2026338 
2027332 
2028333 
2029337 
Thereafter
2,011 
Total future minimum lease payments
3,520 
Interest discount
(1,363)
Total
$2,157