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Note 7 - Leases

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

7.

Leases

The third amendment to our Office Lease was executed in April 2017 for a term of 129 months, beginning June 1, 2018 and expiring in 2029. At lease commencement, the Partnership concluded the Office Lease was an operating lease. Under the third amendment to the Office Lease, monthly rental payments range from $25,000 to $30,000 and the Partnership received lease incentives of $0.7 million.

Lease expense for the years ended December 31, 2022, 2021 and 2020 was as follows:

		In Thousands
		2022				2021				2020
Operating lease expense		$	262			$	262			$	262

Supplemental cash flow information related to leases was as follows:

		In Thousands
		2022				2021				2020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases		$	344			$	338			$	332

Supplemental balance sheet information related to leases was as follows:

		2022				2021				2020
Weighted-Average Remaining Lease Term (months)
Operating lease			74				86				98
Weighted-Average Discount Rate
Operating lease			5	%			5	%			5	%

Maturities of lease liabilities are as follows:

		In Thousands
		2022
2023		$	350
2024			356
2025			362
2026			368
2027			374
Thereafter			443
Total lease payments			2,253
Less amount representing interest			(659	)
Total lease obligation		$	1,594