Real Estate Investments

There were no real estate assets acquired or liabilities assumed during the three months ended March 31, 2025 or 2024. Also, there were no dispositions of real estate during the three months ended March 31, 2025 or 2024.

The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented:


	Three Months Ended March 31,
(In thousands)		2025		2024
In-place leases		$	380	$	580
Other intangibles		—		177
Total included in depreciation and amortization		$	380	$	757

Above-market lease intangibles		$	35	$	145
Below-market lease liabilities		(172)		(213)
Total included in revenue from tenants		$	(137)	$	(68)

Below-market ground lease, included in property operating expenses		$	12	$	12

The following table provides the projected amortization expense and adjustments to revenues for the next five years as of March 31, 2025:


(In thousands)	2025 (remainder)		2026		2027		2028		2029		2030
In-place leases	$	726	$	632	$	624	$	584	$	385	$	385

Total to be included in depreciation and amortization	$	726	$	632	$	624	$	584	$	385	$	385

Above-market lease assets	$	88	$	117	$	117	$	112	$	85	$	85
Below-market lease liabilities	(284)		(183)		(180)		(180)		(142)		(22)
Total to be included in revenue from tenants	$	(196)	$	(66)	$	(63)	$	(68)	$	(57)	$	63

As of March 31, 2025 and March 31, 2024, there were no tenants whose annualized rental income on a straight-line basis, based on leases commenced, represented greater than 10% of total annualized rental income for all portfolio properties on a straight-line basis.

When circumstances indicate the carrying value of a property classified as held for use may not be recoverable, the Company reviews the property for impairment. For the Company, the most common triggering events are (i) concerns regarding the tenant (i.e., credit or expirations) in the Company’s single-tenant properties or significant vacancy in the Company’s multi-tenant properties and (ii) changes to the Company’s expected holding period as a result of business decisions or non-recourse debt maturities. If a triggering event is identified, the Company considers the projected cash flows due to various performance indicators, and where appropriate, the Company evaluates the impact on its ability to recover the carrying value of the properties based on the expected cash flows on an undiscounted basis over its intended holding period. The Company makes certain assumptions in this approach including, among others, the market and economic conditions, expected cash flow projections, intended holding periods and assessments of terminal values. Where more than one possible scenario exists, the Company uses a probability weighted approach in estimating cash flows. As these factors are difficult to predict and are subject to future events that may alter management’s assumptions, the future cash flows estimated by management in its impairment analysis may not be achieved, and actual losses for impairment may be realized in the future. If the undiscounted cash flows over the expected hold period are less than the carrying value, the Company reflects an impairment charge to write the asset down to its fair value.

There were no impairment charges recorded during the three months ended March 31, 2025 or 2024.