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Leases (Tables) | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Disaggregation of Lease Income | The following table provides a disaggregation of lease income recognized under ASC 842 (in thousands):
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Rental revenue |  |  |  |  |  |
Fixed lease income (1) |  | $ | 166,769 |  |  | $ | 138,101 |  |  | $ | 110,177 |
Variable lease income (2) |  | 15,210 |  |  | 12,263 |  |  | 13,179 |
Other rental revenue: |  |  |  |  |  |
Above/below market lease amortization, net |  | 1,006 |  |  | 1,219 |  |  | 1,400 |
Lease incentives |  | (849) |  |  | (760) |  |  | (789) |
Rental revenue (including reimbursable) |  | $ | 182,136 |  |  | $ | 150,823 |  |  | $ | 123,967 |
(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 reserves for uncollectible amounts. There were no material reserves, write-offs, or recoveries of uncollectible amounts during the periods indicated above.
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 noncancellable term of the operating leases in place as of December 31, 2025 are as follows (in thousands):
| Future Minimum Base Rental Receipts
2026 | $ | 184,082 |
2027 | 182,925 |
2028 | 177,987 |
2029 | 169,441 |
2030 | 158,813 |
Thereafter | 1,140,063 |
Total | $ | 2,013,311 |
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 December 31, 2025 (in thousands):
| Future Minimum Lease Payments
2026 | $ | 653 |
2027 | 670 |
2028 | 689 |
2029 | 707 |
2030 | 727 |
Thereafter | 1,189 |
Total lease payments | 4,635 |
Less: Amount representing interest (1) | (480) |
Present value of operating lease liabilities | $ | 4,155 |
(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 various factors, including REIT industry performance.
Lease Expense Components | The following table presents the Company’s lease expense components (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Operating lease cost | $ | 542 |  |  | $ | 542 |  |  | $ | 542 |
Variable lease cost | $ | 317 |  |  | $ | 316 |  |  | $ | 306 |

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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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