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LEASE REVENUES (Tables) | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Schedule of Leasing Activity | As of December 31, 2024 and 2023, we recorded the following as a result of these operating ground leases (dollars in thousands, except for footnotes):
| December 31, 2024 |  | December 31, 2023
Operating lease right-of-use assets(1) | $ | 521 |  |  | $ | 574 |
Operating lease liabilities(2) | $ | 498 |  |  | $ | 568 |
Weighted-average remaining lease term (years) | 14.9 |  | 15.0
Weighted-average incremental borrowing rate | 8.35 | % |  | 8.12 | %
(1)Operating lease right-of-use assets are shown net of prepaid lease payments of approximately $23,000 and $6,000 as of December 31, 2024, and 2023, respectively, and are included within Other assets, net on the accompanying Consolidated Balance Sheets. (2)Included within Other liabilities, net on the accompanying Consolidated Balance Sheets. The following table sets forth the components of our lease revenue for the years ended December 31, 2024, 2023, and 2022 (dollars in thousands, except for footnotes):
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Fixed lease payments(1) | $ | 73,952 |  |  | $ | 83,695 |  |  | $ | 81,423 |
Variable lease payments(2) | 10,811 |  |  | 6,624 |  |  | 7,813 |
Lease revenue, net(3) | $ | 84,763 |  |  | $ | 90,319 |  |  | $ | 89,236 |
(1)Fixed lease payments include contractual rents under lease agreements with tenants recognized on a straight-line basis over the respective lease terms and includes the amortization of above-market lease values and lease incentives and the accretion of below-market lease values and other deferred revenue. (2)Variable lease payments include participation rents, which are generally based on a percentage of the gross crop revenues earned on the farm, and reimbursements of certain property operating expenses by tenants. Participation rents are generally recognized when all contingencies have been resolved and when actual results become known or estimable, enabling us to estimate and/or measure our share of such gross revenues. During the years ended December 31, 2024, 2023, and 2022, we recorded participation rents of approximately $9.4 million, $5.9 million, and $7.7 million, respectively; reimbursements of certain property operating expenses by tenants of approximately $1.4 million, $688,000, and $110,000, respectively; and late fees of approximately $20,000, $46,000, and $0, respectively. (3)Reflected as a line item on our accompanying Consolidated Statements of Operations and Comprehensive Income.

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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 + Details
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