v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Leasing as a lessor
We lease multi-family investment properties under operating leases with terms of generally one year or less. We lease commercial investment properties under operating leases with remaining lease terms that range from less than one year to fifteen years as of December 31, 2025 and from less that one year to fourteen years as of December 31, 2024.
Certain of the Company’s commercial leases provide the tenant with one or more multi-year renewal options to extend their lease, subject to generally the same terms and conditions as the initial lease, potentially including rent increases.
Rental income related to the Company’s operating leases is comprised of the following:
Year ended December 31,
20252024
Rental income related to fixed lease payments$30,760 $29,875 
Rental income related to variable lease payments5,751 5,202 
Other property income895 1,003 
Total revenues$37,406 $36,080 
Future Minimum Rental Income
As of December 31, 2025, commercial operating leases provide for future minimum rental income, assuming no expiring leases are renewed, as follows. Multi-family residential leases are not included as the terms are generally for one year or less.
2026$13,349 
202713,002 
202812,693 
202912,026 
203010,447 
Thereafter80,688 
Total$142,205 
Tenant Concentration
For the year ended December 31, 2025, Trimble accounted for greater than 20% of our total revenues. Specifically, the XP Power, LLC lease accounted for approximately 11% and Veeco Instruments accounted for approximately 9% of our total revenues for the year ended December 31, 2025.
Leasing as a lessee
We lease a portion of the land underlying Sherman Plaza, from a third party through a ground lease covering such land with a lease term expiring in October 2042.
Upon adoption of ASU 2016-02, we recognized a right of use asset (included in deferred costs and other assets, net) and lease liability (included in other liabilities). At December 31, 2025, the balances were $246 and were recorded in the consolidated balance sheets. We used a discount rate of approximately 4.5%, reflecting the Company’s incremental borrowing rate.
During the year ended December 31, 2024, we recognized a right of use asset (included in deferred costs and other assets) and lease liability (included in other liabilities) for leased assets from a third party for our corporate office space with a lease term expiring January 31, 2026. At December 31, 2025, the balances were $4 and were recorded in the consolidated balance sheets. We used a discount rate of approximately 8.3%, reflecting the Company’s incremental borrowing rate.
The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on our operating leases at December 31, 2025 and a reconciliation of those cash flows to the operating lease liability.
2026$25 
202721 
202821 
202921 
203021 
Thereafter247 
Total$356 
Imputed interest(106)
Lease liability$250 
Leases Leases
Leasing as a lessor
We lease multi-family investment properties under operating leases with terms of generally one year or less. We lease commercial investment properties under operating leases with remaining lease terms that range from less than one year to fifteen years as of December 31, 2025 and from less that one year to fourteen years as of December 31, 2024.
Certain of the Company’s commercial leases provide the tenant with one or more multi-year renewal options to extend their lease, subject to generally the same terms and conditions as the initial lease, potentially including rent increases.
Rental income related to the Company’s operating leases is comprised of the following:
Year ended December 31,
20252024
Rental income related to fixed lease payments$30,760 $29,875 
Rental income related to variable lease payments5,751 5,202 
Other property income895 1,003 
Total revenues$37,406 $36,080 
Future Minimum Rental Income
As of December 31, 2025, commercial operating leases provide for future minimum rental income, assuming no expiring leases are renewed, as follows. Multi-family residential leases are not included as the terms are generally for one year or less.
2026$13,349 
202713,002 
202812,693 
202912,026 
203010,447 
Thereafter80,688 
Total$142,205 
Tenant Concentration
For the year ended December 31, 2025, Trimble accounted for greater than 20% of our total revenues. Specifically, the XP Power, LLC lease accounted for approximately 11% and Veeco Instruments accounted for approximately 9% of our total revenues for the year ended December 31, 2025.
Leasing as a lessee
We lease a portion of the land underlying Sherman Plaza, from a third party through a ground lease covering such land with a lease term expiring in October 2042.
Upon adoption of ASU 2016-02, we recognized a right of use asset (included in deferred costs and other assets, net) and lease liability (included in other liabilities). At December 31, 2025, the balances were $246 and were recorded in the consolidated balance sheets. We used a discount rate of approximately 4.5%, reflecting the Company’s incremental borrowing rate.
During the year ended December 31, 2024, we recognized a right of use asset (included in deferred costs and other assets) and lease liability (included in other liabilities) for leased assets from a third party for our corporate office space with a lease term expiring January 31, 2026. At December 31, 2025, the balances were $4 and were recorded in the consolidated balance sheets. We used a discount rate of approximately 8.3%, reflecting the Company’s incremental borrowing rate.
The following table sets forth the undiscounted cash flows of our scheduled obligations for future minimum payments on our operating leases at December 31, 2025 and a reconciliation of those cash flows to the operating lease liability.
2026$25 
202721 
202821 
202921 
203021 
Thereafter247 
Total$356 
Imputed interest(106)
Lease liability$250