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LEASES (Tables)

3 Months Ended

Mar. 31, 2025

LEASES

Schedule of components of lease revenues

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

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31,
​		2025			2024
Fixed lease revenues	​	$	19,536	​	$	18,272
Variable lease revenues	​	​	4,382	​	​	3,796
Lease revenues (a)	​	$	23,918	​	$	22,068

(a) Excludes amortization related to lease intangible assets and liabilities of $252 and $378 for the three months ended March 31, 2025 and 2024, respectively.

Schedule of minimum future contractual rents to be received on non-cancellable operating leases

As of March 31, 2025, 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.

​	​	​	​
From April 1 – December 31, 2025	​	$	58,463
For the year ending December 31,	​	​	​
2026	​	​	75,487
2027	​	​	67,117
2028	​	​	55,090
2029	​	​	43,689
2030	​	​	33,438
Thereafter	​	​	74,822
Total	​	$	408,106

Schedule of minimum future lease payments

​

As of March 31, 2025, the minimum future lease payments related to these operating leases are as follows (amounts in thousands):

​	​	​	​
From April 1 – December 31, 2025	​	$	470
For the year ending December 31,	​	​	​
2026	​	​	627
2027	​	​	629
2028	​		630
2029	​		692
2030	​		180
Thereafter	​		357
Total undiscounted cash flows	​	$	3,585
Present value discount	​		(671)
Lease liability	​	$	2,914

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- References

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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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- 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

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- 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

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