Rental Revenue and Tenant Receivables

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Tenant Receivables

As of September 30, 2024 and December 31, 2023, the Company’s allowance for uncollectible tenant receivables totaled $1.1 million and $0.9 million, respectively. At September 30, 2024 and December 31, 2023, there were $8.4 million and $7.9 million, respectively, in unbilled straight-line rent, which is included in "receivables, net."

Lease Contract Revenue

The below table disaggregates the Company’s revenue by type of service (in thousands, unaudited):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Base rent	$	18,317	$	18,190	$	55,364	$	54,316
Tenant reimbursements - variable lease revenue	5,407		5,030		17,149		15,467
Above (below) market lease amortization, net	834		1,232		2,607		3,865
Straight-line rents	159		285		885		1,004
Percentage rent - variable lease revenue	222		217		460		567
Lease termination fees	6		—		237		115
Other	450		549		819		1,257
Total	25,395		25,503		77,521		76,591
Credit adjustments on operating lease receivables	(603)		(299)		(540)		(481)
Total	$	24,792	$	25,204	$	76,981	$	76,110