Real Estate Properties

12 Months Ended

Dec. 31, 2023

Acquisitions and Expenditures

We did not make any acquisitions during the years ended December 31, 2023, 2022 or 2021.

During the years ended December 31, 2023, 2022, and 2021, we made improvements, excluding tenant-funded improvements, to our properties totaling $7.6 million, $4.0 million and $6.3 million, respectively.

We committed $9.6 million for expenditures related to 0.2 million square feet of leases executed during 2023. Committed but unspent tenant related obligations are leasing commissions and tenant improvements. Based on existing leases as of December 31, 2023, committed but unspent tenant related obligations were $13.1 million.

Property Dispositions:

We did not sell any properties during the years ended December 31, 2023, 2022 or 2021.

Lease Payments

Our real estate properties are generally leased on gross lease and modified gross lease bases pursuant to non-cancelable, fixed term operating leases expiring between 2024 and 2035. These gross leases and modified gross leases require us to pay all or some property operating expenses and to provide all or some property management services. A portion of these property operating expenses are reimbursed by the tenants.

The future minimum lease payments, excluding tenant reimbursement revenue, scheduled to be received by us during the current terms of our leases as of December 31, 2023 are as follows (in thousands):


2024	$	34,544
2025	32,955
2026	30,033
2027	25,066
2028	20,031
Thereafter	46,434
	$	189,063

Rental revenue consists of the following (in thousands):


	December 31,
	2023		2022		2021
Lease payments	$	36,008	$	37,846	$	36,461
Variable lease payments	19,328		20,917		18,466
Rental revenue	$	55,336	$	58,763	$	54,927