Leases

3 Months Ended

Mar. 31, 2026

11. Leases

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 March 31, 2026 and December 31, 2025, 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 of which the Company is the lessor:


	For the Three Months Ended March 31,
	2026		2025
Fixed lease payments	$	33,116	$	10,190
Straight-line rent adjustment		4,114		921
Variable lease payments(1)		3,522		1,529
Amortization of (above)- and below-market leases, net		378		357
Total rental revenue:	$	41,130	$	12,997

(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 March 31, 2026:


Year	Future Minimum Rents(1)
2026 (Remaining)	$	100,656
2027		139,114
2028		159,027
2029		163,097
2030		154,848
Thereafter		1,252,262
Total:	$	1,969,004

(1)

Aggregate base rents of $476,193 related to executed leases that have not yet commenced are excluded.