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Future Minimum Rents and Lease Payments (Tables) | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Schedule of Future Minimum Base Rents Receivable | The following table summarizes the future minimum base rents (excluding tenant reimbursements for operating expenses and termination fees related to tenants exercising early termination options) for properties as of September 30, 2024:
Year |  | Amount
Remaining 2024 |  | $ | 143,307 |
2025 |  | 504,795 |
2026 |  | 458,284 |
2027 |  | 401,969 |
2028 |  | 335,214 |
Thereafter |  | 852,553 |
TOTAL |  | $ | 2,696,122 |
Schedule of Future Minimum Lease Payments Due | The following table provides information regarding the Company’s future minimum lease payments for its operating leases (including the impact of the extension options which the Company is reasonably certain to exercise) as of September 30, 2024:
Year |  | Lease Payments(1)
Remaining 2024 |  | $ | 10,402 |
2025 |  | 41,662 |
2026 |  | 40,615 |
2027 |  | 38,895 |
2028 |  | 37,145 |
Thereafter |  | 526,754 |
Total operating lease payments |  | 695,473 |
Less: interest portion |  | (328,874) |
PRESENT VALUE OF OPERATING LEASE LIABILITIES |  | $ | 366,599 |
__________________ 1.Future minimum lease payments for operating leases denominated in a foreign currency are translated to U.S. dollars using the exchange rate in effect as of the financial statement date.
Schedule of Rental Expense | The following table summarizes rental expense for operating leases:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Variable rental expense | $ | 2,586 |  |  | $ | 2,691 |  |  | $ | 7,443 |  |  | $ | 8,870 |
Minimum rental expense | $ | 11,507 |  |  | $ | 11,372 |  |  | $ | 34,140 |  |  | $ | 33,760 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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