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LEASES | 9 Months Ended
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Sep. 30, 2025
LEASES |
LEASES | NOTE 3 – LEASES Lessor Accounting The Company owns rental properties which are leased to tenants under operating leases with current expirations ranging from 2025 to 2046, with options to extend or terminate the lease. Revenues from such leases are reported as Rental income, net, and are comprised of (i) lease components, which includes fixed and variable lease payments and (ii) non-lease components which includes reimbursements of property level operating expenses. The Company does not separate non-lease components from the related lease components, as the timing and pattern of transfer are the same, and account for the combined component in accordance with ASC 842. Fixed lease revenues represent the base rent that each tenant is required to pay in accordance with the terms of its respective leases, and any lease incentives paid or payable to the lessee, reported on a straight-line basis over the non-cancelable term of the lease. Variable lease revenues typically include payments based on (i) tenant reimbursements, (ii) changes in the index or market-based indices after the inception of the lease, (iii) percentage rents and (iv) the operating performance of the property. Variable lease revenues are not recognized until the specific events that trigger the variable payments have occurred. The components of lease revenues are as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed lease revenues | ​ | $ | 19,555 | ​ | $ | 18,638 | ​ | $ | 59,177 | ​ | $ | 55,230
Variable lease revenues | ​ | ​ | 3,984 | ​ | ​ | 3,298 | ​ | ​ | 12,482 | ​ | ​ | 10,287
Lease revenues (a) | ​ | $ | 23,539 | ​ | $ | 21,936 | ​ | $ | 71,659 | ​ | $ | 65,517
(a) | Excludes amortization related to lease intangible assets and liabilities of $232 and $761 for the three and nine months ended September 30, 2025, respectively, and $275 and $940 for the three and nine months ended September 30, 2024, respectively.
In many of the Company’s leases, the tenant is obligated to pay the real estate taxes, insurance, and certain other expenses directly to the vendor. These obligations, which have been assumed by the tenants, are not reflected in the Company’s consolidated financial statements. To the extent any such tenant defaults on its lease or if it is deemed probable that the tenant will fail to pay for such obligations, a liability for such obligations would be recorded. On a quarterly basis, the Company assesses the collectability of substantially all lease payments due by, among other things, reviewing the tenant’s payment history or financial condition. Changes to collectability are recognized as a current period adjustment to rental revenue. As of September 30, 2025, the Company has assessed the collectability of all recorded lease revenues as probable. Minimum Future Rents As of September 30, 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 October 1 – December 31, 2025 | ​ | $ | 19,218
For the year ending December 31, | ​ | ​ | ​
2026 | ​ | ​ | 77,265
2027 | ​ | ​ | 70,526
2028 | ​ | ​ | 58,598
2029 | ​ | ​ | 47,724
2030 | ​ | ​ | 37,558
Thereafter | ​ | ​ | 79,489
Total | ​ | $ | 390,378
​ NOTE 3 – LEASES (CONTINUED) Lease Termination Fees ​ In June 2025, the Company recognized a lease termination fee of $66,000 from an industrial tenant in a lease buy-out transaction. In connection with this transaction, the Company also wrote-off the tenant’s unamortized balances of (i) $24,000 in unbilled rent receivables and intangible lease liabilities, as a net increase to Rental income, net and (ii) $68,000 in tenant origination costs as an increase to Depreciation and amortization expense. ​ In March 2024, a consolidated joint venture in Lakewood, Colorado, in which the Company held a 90% interest, recognized a lease termination fee of $250,000 from a tenant due to the early termination of its lease in connection with the sale of the related restaurant parcel (see Note 5). ​ Lessee Accounting ​ Ground Lease ​ The Company is a lessee under a ground lease in Greensboro, North Carolina, which is classified as an operating lease. The ground lease expires March 3, 2030 and provides for up to three, five-year renewal options and one seven-month renewal option. As of September 30, 2025, the remaining lease term is 4.4 years. The Company recognized lease expense related to this ground lease of $122,000 and $366,000 for both the three and nine months ended September 30, 2025 and 2024, respectively, which is included in Real estate expenses on the consolidated statements of income. ​ Office Lease ​ The Company is a lessee under a corporate office lease in Great Neck, New York, which is classified as an operating lease. The lease expires December 31, 2031 and provides for a five-year renewal option. As of September 30, 2025, the remaining lease term, including the renewal option deemed exercised, is 11.3 years. The Company recognized lease expense related to this office lease of $14,000 and $42,000 for both the three and nine months ended September 30, 2025 and 2024, respectively, which is included in General and administrative expenses on the consolidated statements of income. ​ Minimum Future Lease Payments ​ As of September 30, 2025, the minimum future lease payments related to these operating leases are as follows (amounts in thousands):
​ | ​ | ​ | ​
From October 1 – December 31, 2025 | ​ | $ | 156
For the year ending December 31, | ​ | ​ | ​
2026 | ​ | ​ | 627
2027 | ​ | ​ | 629
2028 | ​ |  | 630
2029 | ​ |  | 692
2030 | ​ |  | 180
Thereafter | ​ |  | 357
Total undiscounted cash flows | ​ | $ | 3,271
Present value discount | ​ |  | (574)
Lease liability | ​ | $ | 2,697
​ The lease liability is included in Accrued expenses and other liabilities on the consolidated balance sheet.

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