v3.25.4
Leases
12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases

Note 7 - Leases

Lessor

The Company's rental revenue consists of rent earned from the operating leases at the Company's industrial, retail and multifamily properties. The leases at the Company's industrial and retail properties generally includes a fixed base rent, subject to annual step-ups, and a variable component. The variable component of the Company's operating leases primarily consists of the reimbursement of operating expenses such as real estate taxes, insurance, and common area maintenance costs.

The following table summarizes the fixed and variable components of the Company's operating leases ($ in thousands):

 

Year Ended December 31,

 

 

2025

 

 

2024

 

 

2023

 

Fixed lease payments

$

31,516

 

 

$

17,050

 

 

$

5,879

 

Variable lease payments

 

4,485

 

 

 

3,940

 

 

 

824

 

Lease Revenue

$

36,001

 

 

$

20,990

 

 

$

6,703

 

Above- and below-market lease amortization, net

 

1,002

 

 

 

667

 

 

 

209

 

Rental Revenue

$

37,003

 

 

$

21,657

 

 

$

6,912

 

The following table presents the undiscounted future minimum rents the Company expects to receive for its industrial, retail and multifamily properties as of December 31, 2025 ($ in thousands):

 

Year

 

Future Minimum Rents

 

2026

 

 

41,679

 

2027

 

 

33,131

 

2028

 

 

33,843

 

2029

 

 

34,448

 

2030

 

 

33,358

 

Thereafter

 

 

176,834

 

Total

 

$

353,293