| Schedule of Lease Income |
The components of rental revenue from the Company’s operating leases during the periods indicated below were as follows (in thousands):
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|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
| Fixed: |
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|
|
|
|
|
|
|
| Cash rental revenue |
|
$ |
30,306 |
|
|
$ |
36,410 |
|
|
$ |
61,984 |
|
|
$ |
72,514 |
|
| Straight-line rental revenue |
|
(240) |
|
|
2,275 |
|
|
309 |
|
|
4,959 |
|
| Lease intangible amortization |
|
305 |
|
|
174 |
|
|
719 |
|
|
288 |
|
| Fixed property operating cost reimbursements |
|
1,445 |
|
|
1,399 |
|
|
2,891 |
|
|
2,783 |
|
| Other fixed rental revenue |
|
— |
|
|
85 |
|
|
1,038 |
|
|
235 |
|
| Total fixed |
|
31,816 |
|
|
40,343 |
|
|
66,941 |
|
|
80,779 |
|
| Variable: |
|
|
|
|
|
|
|
|
| Variable property operating cost reimbursements |
|
7,469 |
|
|
10,679 |
|
|
18,665 |
|
|
19,161 |
|
| Other variable rental revenue |
|
638 |
|
|
802 |
|
|
1,312 |
|
|
1,874 |
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| Total variable |
|
8,107 |
|
|
11,481 |
|
|
19,977 |
|
|
21,035 |
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| Total rental revenue |
|
$ |
39,923 |
|
|
$ |
51,824 |
|
|
$ |
86,918 |
|
|
$ |
101,814 |
|
|
| Schedule of Operating Lease Payments to be Received |
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 June 30, 2024 (in thousands).
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Future Minimum
Base Rent Payments |
|
|
July 1, 2024 - December 31, 2024 |
|
$ |
53,431 |
|
|
|
| 2025 |
|
83,707 |
|
|
|
| 2026 |
|
80,298 |
|
|
|
| 2027 |
|
60,138 |
|
|
|
| 2028 |
|
46,262 |
|
|
|
| 2029 |
|
32,422 |
|
|
|
| Thereafter |
|
140,636 |
|
|
|
| Total |
|
$ |
496,894 |
|
|
|
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| Schedule of Operating Lease Liability, Maturity |
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 June 30, 2024 (in thousands).
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|
Future Minimum Lease Payments |
July 1, 2024 - December 31, 2024 |
|
$ |
584 |
|
| 2025 |
|
1,184 |
|
| 2026 |
|
778 |
|
| 2027 |
|
752 |
|
| 2028 |
|
761 |
|
| 2029 |
|
473 |
|
| Thereafter |
|
12,044 |
|
| Total |
|
16,576 |
|
| Less: imputed interest |
|
5,757 |
|
| Total |
|
$ |
10,819 |
|
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