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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Note 5 – Leases Lessor Disclosures Future minimum rental receipts, excluding variable payments, tenant reimbursements of expenses and rents related to tenants in default, under non-cancelable operating leases executed as of September 30, 2025 is approximately as follows (in thousands):
|  | September 30, 2025 |
Remainder of 2025 |  | $ | 3,900 |
2026 |  |  | 16,470 |
2027 |  |  | 16,594 |
2028 |  |  | 14,113 |
2029 |  |  | 13,052 |
2030 |  |  | 12,891 |
Thereafter |  |  | 52,440 |
Total |  | $ | 129,460 |
The components of lease revenues for the three and nine months ended September 30, 2025 and 2024 were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fixed rental income |  | $ | 3,234 |  |  | $ | 1,558 |  |  | $ | 9,332 |  |  | $ | 10,366 |
Variable rental income |  |  | 1,183 |  |  |  | 1,365 |  |  |  | 4,278 |  |  |  | 2,668 |
Total rental income |  | $ | 4,417 |  |  | $ | 2,923 |  |  | $ | 13,610 |  |  | $ | 13,034 |
Lessee Disclosures As of September 30, 2025, the Company has one ground lease which is classified as an operating lease. As of December 31, 2024, the Company had one ground lease and one corporate office lease which were classified as operating leases. As of September 30, 2025, and December 31, 2024, the outstanding amount of right of use, (“ROU”) assets were $10.3 million and $11.5 million, respectively, which is included in prepaid expenses, deferred expenses and other assets, net on the condensed consolidated balance sheets. As of September 30, 2025, and December 31, 2024, the outstanding lease liabilities were $0.6 million and $1.2 million, respectively, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets. The Company recorded rent expense related to leased corporate office space of $0.2 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively and $1.1 million and $1.3 million for the nine months ended September 30, 2025 and 2024, respectively. Such rent expense is classified within general and administrative expenses on the condensed consolidated statements of operations. On May 1, 2024, the Company exercised its early termination right provision of the corporate office lease. This reduced the lease term by 37 months, amending the initial lease end date from August 30, 2028 to July 31, 2025. In connection with electing its termination right, the Company paid a $1.6 million termination fee on May 1, 2024. The termination fee was recorded as an adjustment to the right-of-use asset. On July 28, 2025, the Company entered into a one year extension for a portion of its office space at a cost of $19.0 thousand per month. The Company is electing a short term lease exemption permissible under ASC 842 as the lease has no option to additionally extend and there are no costs associated with the end of the lease. In addition, the Company recorded ground rent expense of approximately $11.2 thousand and $33.7 thousand for the three and nine months ended September 30, 2025 and 2024, respectively. Such ground rent expense is classified within property operating expenses on the condensed consolidated statements of operations. The ground lease requires the Company to make fixed annual rental payments and expires in 2073 assuming all extension options are exercised. As of September 30, 2025, the Company expects to make cash payments on operating leases of $67.6 thousand remaining in 2025, $0.2 million in 2026, $45.0 thousand in 2027, $45.0 thousand in 2028, $45.0 thousand in 2029, $45.0 thousand in 2030 and $1.9 million for the periods thereafter. The present value discount is ($0.6) million. The following table sets forth information related to the measurement of our lease liabilities as of September 30, 2025:
|  | September 30, 2025 |
Weighted-average remaining lease term (in years) |  |  | 48.3 |
Weighted-average discount rate |  |  | 7.52 | %
Cash paid for operating leases (in thousands) |  | $ | 749 |

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- Definition The entire disclosure for lessee and lessor entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References No definition available. + Details
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- References No definition available. + Details
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