v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease Income
The components of rental revenue from the Company’s operating leases during the periods indicated below were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Fixed:
Cash rental revenue$22,890 $30,306 $46,532 $61,984 
Straight-line rental revenue2,519 (240)6,150 309 
Lease intangible amortization206 305 456 719 
Fixed property operating cost reimbursements1,519 1,445 3,028 2,891 
Other fixed rental revenue792 — 1,495 1,038 
Total fixed27,926 31,816 57,661 66,941 
Variable:
Variable property operating cost reimbursements8,580 7,469 16,040 18,665 
Other variable rental revenue596 638 1,198 1,312 
Total variable9,176 8,107 17,238 19,977 
Total rental revenue$37,102 $39,923 $74,899 $86,918 
Schedule of Operating Lease Payments to be Received
The following table presents future minimum base rent payments due to the Company under the terms of its operating lease agreements, excluding expense reimbursements, over the next five years and thereafter as of June 30, 2025 (in thousands).
Future Minimum
Base Rent Payments
July 1, 2025 - December 31, 2025
$41,990 
202686,793 
202775,528 
202866,362 
202950,275 
203048,275 
Thereafter234,654 
Total$603,877 
Schedule of Operating Lease Liability, Maturity
The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground and corporate office lease obligations as of June 30, 2025 (in thousands).
Future Minimum Lease Payments
July 1, 2025 - December 31, 2025
$592 
2026778 
2027752 
2028761 
2029473 
2030447 
Thereafter11,597 
Total15,400 
Less: imputed interest5,353 
Total$10,047