v3.26.3
Leases (Tables)
9 Months Ended
Sep. 30, 2026
Leases  
Summary of Lease-Related Income

All lease-related income is reported as a single line item, Rental revenue, in the Condensed Consolidated Statements of Operations. Rental revenue is comprised of the following:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30, 2026

 

 

September 30, 2025

 

 

September 30, 2026

 

 

September 30, 2025

 

Base rent(1)

 

$

31,289

 

 

$

24,891

 

 

$

85,742

 

 

$

73,609

 

Straight-line rent

 

 

3,208

 

 

 

2,293

 

 

 

8,035

 

 

 

6,952

 

Variable lease payments(2)

 

 

1,340

 

 

 

375

 

 

 

3,606

 

 

 

1,051

 

Amortization of (above) / below market lease value

 

 

221

 

 

 

52

 

 

 

523

 

 

 

111

 

Total

 

$

36,058

 

 

$

27,611

 

 

$

97,906

 

 

$

81,723

 

 

(1)
Base rent consists of fixed lease payments.
(2)
Variable lease payments consist of property tax and insurance reimbursements, property management fees, and rental income with CPI adjustments.
Summary of Future Contractual Base Rents Due to be Received Under Non-cancelable Operating Leases

Annual future contractual base rents due to be received under non-cancelable operating leases in effect on September 30, 2026 are as follows:

 

 2026 (Remaining)

 

$

35,030

 

 2027

 

 

141,864

 

 2028

 

 

144,795

 

 2029

 

 

147,836

 

 2030

 

 

150,901

 

 2031

 

 

154,034

 

Thereafter

 

 

1,366,368

 

Total

 

$

2,140,828

 

Summary of Concentration of Credit Risk The following tenant contributed more than 10% of contractual base rents during the three and nine months ended September 30, 2026 and 2025:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30, 2026

 

 

September 30, 2025

 

 

September 30, 2026

 

 

September 30, 2025

 

PCI Pharma Services

 

$

2,993

 

 

$

2,934

 

 

$

8,978

 

 

$

8,802