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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended
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Mar. 31, 2025
Accounting Policies [Abstract] |
Schedule of Accounting Standards Update and Change in Accounting Principle | The following table provides a brief description of Financial Accounting Standards Board (“FASB”) recent accounting standards updates (“ASU”).
Standard | Description | Date of Adoption | Effect on the Financial Statements or Other Significant Matters
ASU 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses; ASU 2025-01, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Clarifying the Effective Date | This ASU is intended to improve financial reporting by requiring public companies disclose additional information about specific expense categories in the notes to the financial statements. In 2025, an additional ASU was issued to provide clarification on the effective date of the original ASU. | This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. | The ASU will require additional disclosure but is not expected to have a material impact on the Company.
Schedule of Future Lease Income for Operating Leases | The aggregate amount of future scheduled lease income on commercial operating leases, excluding any variable lease income and non-lease components, as of March 31, 2025, was as follows:
|  | (in thousands)
2025 (remainder) |  | $ | 2,036 |
2026 |  | 2,651 |
2027 |  | 2,378 |
2028 |  | 2,012 |
2029 |  | 1,688 |
Thereafter |  | 6,073 |
Total scheduled lease income - operating leases |  | $ | 16,838 |
Schedule of Disaggregation of Revenue | The following table presents the disaggregation of revenue streams for the three months ended March 31, 2025 and 2024:
|  |  | (in thousands)
|  |  | Three Months Ended March 31, |  |
Revenue Stream | Applicable Standard |  | 2025 | 2024 |  |  |
Fixed lease income - operating leases | Leases |  | $ | 62,197 |  | $ | 60,034 |  |  |  |
Variable lease income - operating leases | Leases |  | 3,831 |  | 3,287 |  |  |  |
Other property revenue | Revenue from contracts with customers |  | 1,065 |  | 1,185 |  |  |  |
Total revenue |  |  | $ | 67,093 |  | $ | 64,506 |  |  |  |

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