Leases

3 Months Ended

Mar. 31, 2024

Lessor - Company

Rental revenue of the Company includes the revenues generated by the rental operations of one commercial office property, which was acquired in January 2023. As of March 31, 2024, the leases have non-cancelable remaining lease terms from 0.9 years to 10.3 years. Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of March 31, 2024, the Company does not have any material related party leases as a lessor. During the three months ended March 31, 2024, there was $0.4 million and $0.1 million of fixed and variable rental revenue, respectively, which is included in other income (loss), net on the accompanying consolidated statements of operations. During the three months ended March 31, 2023, there was $0.2 million of fixed rental revenue and an immaterial amount of variable rental revenue, which is included in other income (loss), net on the accompanying consolidated statements of operations. Variable rental revenue are primarily costs reimbursed related to common area maintenance.

Future minimum lease payments due to the Company under non-cancellable operating leases over the next five years and thereafter as of March 31, 2024 are as follows (in thousands):


Year	Amount
April 1, 2024 - December 31, 2024	$	1,092
2025	1,281
2026	1,137
2027	501
2028	224
Thereafter	1,344
Total	$	5,579

Lessor - Consolidated Funds

Rental revenue of the consolidated funds includes the revenues generated primarily by the rental operations of two multi-family residential properties, including Circle Lofts, which was deconsolidated during the year ended December 2023, and two commercial properties, including Northsight Crossing, which was sold in October 2023. As of March 31, 2024, the leases have non-cancelable remaining lease terms from 0.1 years to 9.7 years. Certain leases contain options to extend the term of the lease and impose financial penalties, including paying all future payments required under the remaining term of the lease, if the tenant terminates the lease. The leases do not contain any lessee purchase options. As of March 31, 2024, the consolidated funds do not have any material related party leases as a lessor. The components of rental revenue for the three months ended March 31, 2024 and 2023 (in thousands) are presented in the table below. Variable rental revenue are primarily costs reimbursed related to common area maintenance.


	Three Months Ended March 31,
		2024		2023
Fixed		$	294	$	795
Variable		128		172
Total		$	422	$	967

Future minimum lease payments due to the consolidated funds under non-cancellable operating leases over the next five years and thereafter as of March 31, 2024 are as follows (in thousands):


Year	Amount
April 1, 2024 - December 31, 2024	$	947
2025	887
2026	882
2027	767
2028	787
Thereafter	3,729
Total	$	7,999