Annual report pursuant to Section 13 and 15(d)

TENANT LEASES

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TENANT LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
TENANT LEASES TENANT LEASES
The Company’s consolidated office properties are leased to tenants under operating leases with various expiration dates through 2038. Substantially all of the commercial leases provide for annual base rents plus recoveries and escalation charges based upon the tenant’s proportionate share of and/or increases in real estate taxes and certain operating costs, as defined, and the pass-through of charges for electrical usage.
Future minimum rentals to be received under non-cancelable commercial operating leases (excluding properties classified as discontinued operations) at December 31, 2022 and 2021 are as follows (dollars in thousands):
As of December 31, 2022
Year Amount
2023 $ 60,353 
2024 55,461 
2025 51,495 
2026 49,170 
2027 46,501 
2028 and thereafter 277,324 
Total $ 540,304 
As of December 31, 2021
Year Amount
2022 $ 115,256
2023 114,355
2024 98,374
2025 94,042
2026 91,297
2026 and thereafter 416,712
Total $ 930,036
Multifamily rental property residential leases are excluded from the above table as they generally expire within one year.