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Lease Revenue | 3 Months Ended
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Mar. 31, 2024
Leases [Abstract] |
Lease Revenue | Lease Revenue We lease our multifamily properties and commercial properties under agreements that are classified as operating leases. Our multifamily property leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally include minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The following table summarizes the components of our rental revenue for the three months ended March 31, 2024 and 2023:
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2024 |  | 2023
Fixed component |  |  |  |  |  | $ | 10,999 |  |  | $ | 10,708 |
Variable component |  |  |  |  |  | 280 |  |  | 301 |
|  |  |  |  |  | $ | 11,279 |  |  | $ | 11,009 |
The following table summarizes the future rental payments that are payable to us from non-cancelable leases. The table excludes multifamily leases, which typically have a term of one-year or less:
2024 |  | $ | 11,441 |
2025 |  | 11,067 |
2026 |  | 10,700 |
2027 |  | 10,408 |
2028 |  | 9,681 |
Thereafter |  | 16,393 |
|  | $ | 69,690 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-30/tableOfContent + Details
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