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 fourteen years as of June 30, 2026 and from less than one year to fifteen years as of June 30, 2025.

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:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Rental income related to fixed lease payments	$	7,606	$	7,852	$	15,305	$	15,448
Rental income related to variable lease payments (1)	1,183		1,384		2,697		2,876
Other	243		235		424		452
Total revenues	$	9,032	$	9,471	$	18,426	$	18,776

As of June 30, 2026, 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 (remaining)	$	9,889
2027	13,437
2028	13,060
2029	12,886
2030	11,364
Thereafter	84,238
Total	$	144,874

For the six months ended June 30, 2026, The Locale, Trimble and Sherman Plaza investment properties each accounted for greater than 10% of our total revenues. On an individual lease basis, XP Power at Trimble, Veeco Instruments at Trimble and Life Time Fitness at Sherman Plaza each accounted for greater than 10% of the base rent of our other investment property portfolio for the six months ended June 30, 2026.