Leases (Tables)

3 Months Ended

Mar. 31, 2026

The components of rental revenue from the Company’s operating leases during the periods indicated below were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Fixed:
Cash rental revenue	$	26,511	$	23,642
Straight-line rental revenue	(1,830)		3,631
Lease intangible amortization	150		250
Fixed property operating cost reimbursements	1,659		1,509
Other fixed rental revenue	1,900		703
Total fixed	28,390		29,735
Variable:
Variable property operating cost reimbursements	7,208		7,460
Other variable rental revenue	536		602
Total variable	7,744		8,062
Total rental revenue	$	36,134	$	37,797

Schedule of Future Minimum Base Rent Payments

The following table presents future minimum base rent payments due to the Company under the terms of its operating lease agreements, excluding expense reimbursements, over the next five years and thereafter as of March 31, 2026 (in thousands).


	Future Minimum Base Rent Payments
April 1, 2026 - December 31, 2026	$	66,026
2027	82,565
2028	73,809
2029	58,591
2030	56,722
2031	52,473
Thereafter	281,589
Total	$	671,775

Schedule of Maturity Analysis of Payments Due

The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for ground and corporate office lease obligations as of March 31, 2026 (in thousands).


	Future Minimum Lease Payments
April 1, 2026 - December 31, 2026	$	707
2027	1,355
2028	1,380
2029	1,108
2030	1,098
2031	833
Thereafter	11,149
Total	17,630
Less: imputed interest	5,499
Total	$	12,131