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Leases (Tables) | 6 Months Ended
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Jun. 30, 2023
Leases [Abstract] |
Disaggregation of Lease Income | The following table provides a disaggregation of lease income recognized under ASC 842 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Rental revenue |  |  |  |  |  |  |
Fixed lease income (1) | $ | 26,808 |  |  | $ | 19,653 |  |  | $ | 51,531 |  |  | $ | 37,721 |
Variable lease income (2) | 2,715 |  |  | 2,229 |  |  | 6,252 |  |  | 4,918 |
Other rental revenue: |  |  |  |  |  |  |
Above/below market lease amortization, net | 377 |  |  | 294 |  |  | 789 |  |  | 577 |
Lease incentives | (193) |  |  | (128) |  |  | (392) |  |  | (246) |
Rental revenue (including reimbursable) | $ | 29,707 |  |  | $ | 22,048 |  |  | $ | 58,180 |  |  | $ | 42,970 |
(1) Fixed lease income includes contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term. (2) Variable lease income primarily includes tenant reimbursements for real estate taxes, insurance, common area maintenance, and lease termination fees, and the write-off of uncollectible amounts. There were immaterial write-offs of uncollectible amounts during the three and six months ended June 30, 2023 and 2022.
Schedule of Future Minimum Base Rental Receipts | Scheduled future minimum base rental payments (excluding base rental payments from properties classified as held for sale and straight line rent adjustments for all properties) due to be received under the remaining non-cancelable term of the operating leases in place as of June 30, 2023 are as follows (in thousands):
| Future Minimum Base Rental Receipts
Remainder of 2023 | $ | 53,208 |
2024 | 108,320 |
2025 | 108,298 |
2026 | 105,548 |
2027 | 101,245 |
Thereafter | 557,639 |
Total | $ | 1,034,258 |
Lease Expense Components | The following table presents the lease expense components for the three and six months ended June 30, 2023 and 2022 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Operating lease cost | $ | 135 |  |  | $ | 135 |  |  | $ | 271 |  |  | $ | 270 |
Variable lease cost | $ | 68 |  |  | $ | 7 |  |  | $ | 135 |  |  | $ | 10 |
Schedule of Future Minimum Base Rental Payments | The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for the corporate office lease obligation as of June 30, 2023 (in thousands):
| Future Minimum Lease Payments
Remainder of 2023 | $ | 285 |
2024 | 617 |
2025 | 636 |
2026 | 653 |
2027 | 670 |
Thereafter | 3,311 |
Total lease payments | 6,172 |
Less: amount representing interest (1) | (868) |
Present value of operating lease liabilities | $ | 5,304 |
(1) Imputed interest was calculated using a discount rate of 3.25%. The discount rate is based on the estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including REIT industry performance.

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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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