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LEASES (Tables)

12 Months Ended

Dec. 31, 2024

LEASES

Schedule of components of lease revenues

The components of lease revenues are as follows (amounts in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
Fixed lease revenues	​	$	74,193	​	$	75,935	​	$	74,101	​
Variable lease revenues	​		14,910	​	​	13,759	​		17,259	(a)
Lease revenues (b)	​	$	89,103	​	$	89,694	​	$	91,360	​

(a) Includes, for 2022, $4,626 of additional rent accrued from a ground lease tenant – see Note 6.

(b) Excludes $1,210, $952 and $831 of amortization related to lease intangible assets and liabilities for 2024, 2023 and 2022, respectively.

Schedule of minimum future contractual rents to be received

​

As of December 31, 2024, the minimum future contractual rents to be received on non-cancellable operating leases are included in the table below (amounts in thousands). The minimum future contractual rents do not include (i) straight-line rent or amortization of lease intangibles or incentives and (ii) variable lease payments as described above.

​

​	​	​	​
For the year ending December 31,	​	​	​
2025	​	$	72,245
2026	​	​	69,316
2027	​	​	60,088
2028	​	​	48,368
2029	​	​	37,303
Thereafter	​	​	100,037
Total	​	$	387,357

Schedule of minimum future lease payments

As of December 31, 2024, the minimum future lease payments related to the operating ground and office leases are as follows (amounts in thousands):

​

​	​	​	​
For the year ending December 31,	​	​	​
2025	​	$	626
2026	​	​	627
2027	​		629
2028	​		630
2029	​		692
Thereafter	​		537
Total undiscounted cash flows	​	$	3,741
Present value discount	​		(719)
Lease liability	​	$	3,022

​

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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

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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
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Tabular disclosure of components of income from operating lease.

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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

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