The Company’s rental revenue primarily consists of rent earned from operating leases in the Company’s net leased portfolio which consists of fixed annual rents that escalates annually throughout the term of the leases, and the tenants are generally responsible for all property-related expenses, including taxes, insurance, and maintenance. As of June 30, 2025 and December 31, 2024, the Company's investments in real estate are leased to single tenants on a net lease basis.

The following table details the components of operating lease income from the leases which the Company is the lessor:


	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Fixed lease payments	$	16,155		$	1,098	$	26,345	$	1,462
Variable lease payments(1)		1,894			107		3,423		164
Straight-line rent adjustment		1,577			27		2,498		34
Amortization of (above)- and below-market leases, net		(154	)		18		203		(33	)
Total rental revenue:	$	19,472		$	1,250	$	32,469	$	1,627

(1)

Consists of tenant reimbursements

The following table presents the undiscounted future minimum rents the Company expects to receive from its net lease properties classified as operating leases as of June 30, 2025:


Year	Future Minimum Rents(1)
2025 (Remaining)	$	32,803
2026		67,043
2027		68,891
2028		70,421
2029		71,999
Thereafter		421,809
Total:	$	732,966

(1)

Aggregate base rents of $438,913 related to executed leases that have not yet commenced are excluded.