XML 39 R28.htm IDEA: XBRL DOCUMENT
v3.25.2

Leases (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Leases, Operating [Abstract] |
Schedule of rental revenue recognized for operating leases | The following table represents rental revenue that the Company recognized related to its operating leases (in thousands):
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Fixed payments | $ | 20,055 |  |  | $ | 15,119 |  |  | $ | 38,716 |  |  | $ | 29,559 |
Variable payments | 2,675 |  |  | 2,245 |  |  | 5,494 |  |  | 4,410 |
| $ | 22,730 |  |  | $ | 17,364 |  |  | $ | 44,210 |  |  | $ | 33,969 |
Schedule of future operating lease payments to be received | Future minimum lease payments to be received as of June 30, 2025 (excluding base rental payments from properties classified as held for sale under non-cancellable operating leases for the next five years and thereafter are as follows (in thousands):
Year Ending December 31, |  | Amount (1)(2)
2025 - Remaining |  | $ | 37,160 |
2026 |  | 68,317 |
2027 |  | 53,537 |
2028 |  | 40,945 |
2029 |  | 30,463 |
Thereafter |  | 84,724 |
Total |  | $ | 315,146 |
Explanatory Notes: (1)The above minimum lease payments to be received do not include reimbursements from tenants for real estate taxes and other reimbursed expenses. (2)As of June 30, 2025, the leases at three of the Company's properties were expired and the USPS was occupying such properties as a holdover tenant. As such, the above minimum lease payments to be received do not include payments under these holdover leases. Holdover rent is typically paid as the greater of estimated market rent or the rent amount due under the expired lease.
Schedule of net investment in financing lease | The components of the Company’s net investment in financing leases as of June 30, 2025 and December 31, 2024 are summarized in the table below (in thousands):
| As of June 30, 2025 |  | As of December 31, 2024
Total minimum lease payment receivable | $ | 30,372 |  |  | $ | 30,940 |
Less: unearned income | (14,475) |  |  | (14,989) |
Investment in financing leases, net | $ | 15,897 |  |  | $ | 15,951 |
Schedule of future lease payments under direct financing lease | Future lease payments to be received under the Company’s direct financing leases as of June 30, 2025 for the next five years and thereafter are as follows (in thousands):
Year Ending December 31, |  | Amount
2025 – Remaining |  | $ | 569 |
2026 |  | 1,137 |
2027 |  | 1,137 |
2028 |  | 1,137 |
2029 |  | 1,137 |
Thereafter |  | 25,255 |
Total |  | $ | 30,372 |
Schedule of prepaid expenses and other assets and accounts payable and accrued expenses | Operating right-of-use ("ROU") assets and lease liabilities are included in “Prepaid expenses and other assets, net” and “Accounts payable, accrued expenses and other, net” on the Consolidated Balance Sheets as follows (in thousands):
| As of June 30, 2025 |  | As of December 31, 2024
ROU asset – operating leases | $ | 2,301 |  |  | $ | 2,188 |
Lease liability – operating leases | $ | 2,157 |  |  | $ | 2,165 |
Schedule of future minimum lease payments | Future minimum lease payments to be paid by the Company as a lessee for operating leases as of June 30, 2025 for the next five years and thereafter are as follows (in thousands):
2025 — Remaining | $ | 169 |
2026 | 338 |
2027 | 332 |
2028 | 333 |
2029 | 337 |
Thereafter | 2,011 |
Total future minimum lease payments | 3,520 |
Interest discount | (1,363) |
Total | $ | 2,157 |

X
- Definition Tabular disclosure of components of lease income from direct financing lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A + Details
Name: | us-gaap_DirectFinancingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesOperatingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of components of income from operating lease. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-6A + Details
Name: | us-gaap_OperatingLeaseLeaseIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received on annual basis for sales-type and direct financing leases receivable. Includes, but is not limited to, reconciliation to lease receivable recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-10 + Details
Name: | us-gaap_SalesTypeAndDirectFinancingLeasesLeaseReceivableMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccountsPayableAndAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration