Future minimum rental receipts, excluding variable payments, and tenant reimbursements of expenses, and rents related to tenants in default, under non-cancelable operating leases executed as of December 31, 2025 is approximately as follows (in thousands):


	December 31, 2025
2026	$	5,106
2027		4,968
2028		2,213
2029		432
2030		431
Thereafter		1,414
Total	$	14,564

The components of lease revenues for the years ended December 31, 2025, and 2024 were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Fixed rental income	$	11,888	$	14,493
Variable rental income		5,395		3,464
Total rental income	$	17,283	$	17,957

As of December 31, 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 December 31, 2025 and 2024, the outstanding amount of right of use (“ROU”) assets were $10.2 million and $11.5 million, respectively, which is included in prepaid expenses, deferred expenses and other assets, net on the consolidated balance sheets. As of December 31, 2025 and 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 $1.2 million and $1.8 million for the years ended December 31, 2025 and 2024, respectively. Such rent expense is classified within general and administrative expenses on the 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 elected a short term lease exemption permissible under ASC 842 as the lease has no options 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 $45.0 thousand for the years ended December 31, 2025 and 2024, respectively. Such ground rent expense is classified within property operating expenses on the 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 December 31, 2025, the Company expects to make cash payments on operating leases of $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 December 31, 2025:


	December 31, 2025
Weighted-average remaining lease term (in years)		48.0
Weighted-average discount rate		7.52	%
Cash paid for operating leases (in thousands)	$	817