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Note 5 - Rental Income Under Operating Leases

6 Months Ended

Jun. 30, 2026

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

5. Rental Income under Operating Leases

The Company’s commercial properties are leased to commercial tenants under operating leases with fixed terms of varying lengths. As of June 30, 2026, the minimum future cash rents receivable (excluding tenant reimbursements for operating expenses) under non-cancelable operating leases for the commercial tenants in each of the next five years and thereafter are as follows:

2026		$	2,889
2027			5,638
2028			5,693
2029			5,652
2030			5,661
Thereafter			40,519
Total		$	66,052

The Company has commercial leases with the City of New York that comprised approximately 11% and 21% of total revenues for the three months ended June 30, 2026 and 2025, respectively, and 11% and 21% of total revenues for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Kings County Court occupied all 206,084 of rentable square feet at 141 Livingston Street subject to hold-over rent provisions in the lease that expired on December 27, 2025. The City of New York lease at 250 Livingston Street was terminated as August 27, 2025.