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RENTALS UNDER OPERATING LEASES
 3 Months Ended
Mar. 31, 2026
Lessor Disclosure [Abstract]  
RENTALS UNDER OPERATING LEASES RENTALS UNDER OPERATING LEASES
As of March 31, 2026, the Company owned 8 properties with a total of 36 commercial leases. As of March 31, 2025, the Company owned 11 properties with a total of 48 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 is comprised of the following:
Three Months Ended March 31,
20262025
Lease revenue (1)
$8,473 $9,589 
Straight-line revenue 132 375 
Above- and below-market lease amortization, net114 115 
Lease incentive amortization(26)(26)
Property related income$8,693 $10,053 
(1) Lease revenue includes $485 and $1,274 of variable income from tenant reimbursements for the three months ended March 31, 2026 and 2025, 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 March 31, 2026 are as follows:
YearAmount
2026 (remainder)$14,117 
202717,571 
202815,941 
202913,006 
20309,548 
Thereafter67,141 
$137,324 
The above future minimum rentals exclude the Company’s residential leases, which typically have terms of approximately one year. Such leases accounted for $2,863 of lease revenue for the three months ended March 31, 2026.
Percentages of property related income by property and tenant representing more than 10% of the Company's total property related income for the three months ended March 31, 2026 and 2025 are shown below.
Percent of property related income
PropertyThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Commerce Corner, Logan Township, NJ21.0 %16.9 %
The Glenn, Centennial, CO19.9 17.6 
Providence Square, Marietta, GA14.4 11.3 
Flats at Carrs Hill, Athens, GA13.0 11.9 
Seattle East Industrial, Redmond, WA12.5 10.8 
Total80.8 %68.5 %
Percent of property related income
TenantThree Months Ended March 31, 2026Three Months Ended March 31, 2025
Performance Food Group, Inc. - Commerce Corner18.5 %14.9 %
FedEx Ground - Seattle East Industrial12.5 10.8 
Total31.0 %25.7 %

The Company's tenants representing more than 10% of in-place annualized base rental revenues as of March 31, 2026 and 2025 were as follows:
Percent of in-place annualized base rental revenues as of
PropertyMarch 31, 2026March 31, 2025
Performance Food Group, Inc. - Commerce Corner14.5 %12.8 %
FedEx Ground - Seattle East Industrial13.6 12.4 
Northrop Grumman Systems Inc. - Loudoun Gateway11.1 9.9 
Total39.2 %35.1 %