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RENTALS UNDER OPERATING LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
RENTALS UNDER OPERATING LEASES RENTALS UNDER OPERATING LEASES
As of December 31, 2025, the Company owned 9 properties with a total of 48 commercial leases. As of December 31, 2024, the Company owned 12 properties with a total of 48 commercial leases. As of December 31, 2023, the Company owned 13 properties with a total of 49 commercial leases. All leases at the Company's properties have been classified as operating leases. The Company's property related income from its real estate investments for the years ended December 31, 2025, 2024 and 2023 is comprised of the following:
202520242023
Lease revenue¹$38,598 $37,113 $39,074 
Straight-line revenue1,158 1,307 143 
Above- and below-market lease amortization, net454 455 2,792 
Lease incentive amortization(104)(104)(105)
Property related income$40,106 $38,771 $41,904 
1Lease revenue includes $5,157, $4,565 and $5,013 of variable income from tenant reimbursements for the years ended December 31, 2025, 2024 and 2023, respectively.
The future minimum rentals to be received, excluding tenant reimbursements, under the non-cancelable portions of all of the Company's in-place commercial leases in effect as of December 31, 2025 are as follows:
Year ended December 31,Future Minimum Rent
2026$20,437 
202718,096 
202816,085 
202912,688 
20309,055 
Thereafter69,864 
$146,225 

The above future minimum rentals exclude the Company’s residential leases, which typically have terms of approximately one year. Such leases accounted for $11,913 of lease revenue for the year ended December 31, 2025.

Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income for the years ended December 31, 2025, 2024 and 2023 are shown below.
Percent of property related income
Property and Location
Year ended December 31, 2025Year ended December 31, 2024Year ended December 31, 2023
The Glenn, Centennial, CO18.0 %19.6 %19.0 %
Commerce Corner, Logan Township, NJ¹17.7 7.6 5.1 
Providence Square, Marietta, GA11.9 11.9 11.3 
The Flats at Carrs Hill, Athens, GA11.7 11.6 9.9 
Seattle East Industrial, Redmond, WA10.9 11.2 10.4 
Total70.2 %61.9 %55.7 %
Percent of property related income
TenantYear ended December 31, 2025Year ended December 31, 2024Year ended December 31, 2023
Performance Food Group, Inc - Commerce Corner¹15.0 %5.6 %3.3 %
FedEx Ground - Seattle East Industrial10.8 11.2 10.4 
Total25.8 %16.8 %13.7 %

¹ On November 1, 2024, the building expansion at Commerce Corner was completed thereby increasing the building size by 140,991 square feet (unaudited). In connection therewith, the lease for Performance Food Group, Inc. (NYSE: PFGC) was similarly expanded. The building expansion was undertaken to accommodate the growth initiatives of Performance Food Group, Inc., who entered into a 15-year lease with the Company and took possession of the additional space in October 2024.
The Company's tenants representing more than 10% of in-place annualized base rental revenues as of December 31, 2025, 2024 and 2023 were as follows:
Percent of in-place annualized base rental revenues as of
TenantDecember 31, 2025December 31, 2024December 31, 2023
Performance Food Group, Inc. - Commerce Corner¹13.7 %12.9 %3.1 %
FedEx Ground - Seattle East Industrial12.9 12.6 13.3 
Northrop Grumman Systems Inc. - Loudoun Gateway10.5 10.0 10.3 
Total37.1 %35.5 %26.7 %
¹ See disclosure above in connection to the expansion of Performance Food Group, Inc. as of November 1, 2024.