Leases

12 Months Ended

Dec. 31, 2023

The Company has operating leases for office space leased in various buildings for its own use. The Company's leases have original terms ranging from 5 to 10 years. The Company's lease agreements do not contain any 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 14 for additional information).

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


	Year Ended December 31,
		2023		2022
Operating lease costs
Fixed lease costs		$	1,186	$	1,045
Variable lease costs		458		361
Total operating lease costs		$	1,644	$	1,406

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


	Year Ended December 31,
		2023		2022
Cash paid for lease liabilities:
Operating cash flows from operating leases		$	1,588	$	1,350

As of December 31, 2023 the Company's operating leases had a weighted-average remaining lease term of 6.76 years and a weighted-average discount rate of 4.64%.

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


Year Ending December 31,	Operating Leases
2024	$	1,167
2025	1,194
2026	1,222
2027	1,203
2028	1,233
Thereafter	2,336
Total future lease payments	8,355
Imputed interest	(1,228)
Total lease liabilities	$	7,127

The Company does not have any lease liabilities which have not yet commenced as of December 31, 2023.