
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Fixed lease payments(1)	$	11,704	$	12,278	$	33,358	$	38,326
Variable lease payments(2)	16,803		5,458		22,303		8,509
Lease revenue, net(3)	$	28,507	$	17,736	$	55,661	$	46,835

(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the respective lease terms and includes the amortization of above-market lease values and lease incentives and the accretion of below-market lease values and other deferred revenue.

(2)Variable lease payments include participation rents, which are generally based on a percentage of the gross crop revenues earned on the farm, and reimbursements of certain property operating expenses by tenants. Participation rents are generally recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our share of such gross revenues. During the three and nine months ended September 30, 2026, we recorded participation rents of approximately $16.8 million and $21.8 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $30,000 and $456,000, respectively, and late fees of approximately $0 and $3,000, respectively. During the three and nine months ended September 30, 2025, we recorded participation rents of approximately $5.4 million and $6.0 million, respectively, reimbursements of certain property operating expenses by tenants of approximately $94,000 and $158,000, respectively, late fees of approximately $0 and $2,000, respectively, and lease termination fee income of approximately $0 and $2.4 million, respectively.