BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”).


Standard	Description	Date of Adoption	Effect on the Financial Statements or Other Significant Matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses; ASU 2025-01, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date	This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. In 2025, an additional ASU was issued to provide clarification on the effective date of the original ASU.	This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted.	The ASU will require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements.
ASU 2025-10, Government Grants (Topic 832) - Accounting for Government Grants Received by Business Entities	This ASU establishes authoritative guidance on the accounting for government grants received by business entities.	This ASU is effective for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual reporting periods.	This ASU is not expected to have a material impact on the Consolidated Financial Statements.
ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements	This ASU is intended to provide clarity on the current interim reporting disclosure requirements.	This ASU is effective for interim reporting periods within annual periods beginning after December 15, 2027.	This ASU may require additional disclosure but is not expected to have a material impact on the Consolidated Financial Statements.
ASU 2025-12, Codification Improvements	This ASU is intended to provide technical corrections, clarifications, and minor improvements to the FASB Accounting Standards Codification.	This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods.	This ASU is not expected to have a material impact on the Consolidated Financial Statements.

The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of September 30, 2026, was as follows:


	(in thousands)
2026 (remainder)	$	743
2027	2,821
2028	2,503
2029	2,199
2030	2,113
Thereafter	5,951
Total scheduled lease income - operating leases(1)	$	16,330

The following table presents the disaggregation of revenue streams for the three and nine months ended September 30, 2026 and 2025:


		(in thousands)
		Three Months Ended September 30,				Nine Months Ended September 30,
Revenue Stream	Applicable Standard	2026		2025		2026		2025
Fixed lease income - operating leases	Leases	$	55,320	$	65,984	$	177,097	$	191,286
Variable lease income - operating leases	Leases	3,278		4,040		10,349		12,102
Other property revenue	Revenue from contracts with customers	917		1,375		2,920		3,653
Total revenue		$	59,515	$	71,399	$	190,366	$	207,041

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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