Leases

3 Months Ended

Mar. 31, 2024

The Company has operating leases for office space leased in various buildings for its own use. The Company's leases typically have terms ranging from 5 to 10 years. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease costs related to the Company's operating leases are primarily reflected in "cost of revenue" in the consolidated statements of operations, as they are a reimbursable cost under the Company's respective asset management agreements. (See Note 12 for additional information).

The following table summarizes operating lease costs, by type (in thousands):


	Three Months Ended March 31,
		2024		2023
Operating lease costs
Fixed lease costs		$	297	$	297
Variable lease costs		106		109
Total operating lease costs		$	403	$	406

The following table presents supplemental cash flow information related to the Company's operating leases (in thousands):


	Three Months Ended March 31,
		2024		2023
Cash paid for lease liabilities:
Operating cash flows from operating leases		$	398	$	389

As of March 31, 2024, the Company's operating leases had a weighted-average remaining lease term of 6.5 years and a weighted-average discount rate of 4.64%.

The following table summarizes future lease payments (in thousands):


Year Ending December 31,	Operating Leases
2024 (9 months)	$	876
2025	1,194
2026	1,222
2027	1,204
2028	1,233
Thereafter	2,336
Total future lease payments	8,065
Imputed interest	(1,147)
Total lease liabilities	$	6,918

The Company does not have any leases which have not yet commenced as of March 31, 2024.