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Lease Revenue

3 Months Ended

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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- References

No definition available.

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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

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