REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET |
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| REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET | NOTE 4 – REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET Real Estate Investments, Net Real estate investments, net, which consist of land, buildings and improvements leased to others subject to net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business are summarized as follows:
During the six months ended June 30, 2025, the Company invested $144.3 million, including transaction costs, in 47 properties located in seventeen states, and allocated the investment as follows: $70.4 million to land, $65.7 million to buildings and improvements, and $8.2 million to intangible assets. There was no contingent consideration associated with these acquisitions. These properties are 100% occupied under net leases, with a weighted average remaining lease term of 14.9 years as of June 30, 2025. During the six months ended June 30, 2025, no properties were sold. During the six months ended June 30, 2024, the Company invested $63.8 million, including transaction costs, in 21 properties located in thirteen states, and allocated the investment as follows: $23.4 million to land, $35.9 million to buildings and improvements, and $4.5 million to intangible assets. There was no contingent consideration associated with these acquisitions. These properties were 100% occupied under net leases, with a weighted average remaining lease term of 12.2 years as of June 30, 2024. During the six months ended June 30, 2024, no properties were sold. Intangible Real Estate Assets and Liabilities, Net The following tables detail intangible real estate assets and liabilities.
The value of acquired in-place leases amortized and included in depreciation and amortization expense was $4.3 million and $4.2 million for the three months ended June 30, 2025 and 2024, respectively. The value of acquired in-place leases amortized and included in depreciation and amortization expense was $8.6 million for the six months ended June 30, 2025 and 2024, respectively. The value of above-market and below-market leases amortized as an adjustment to revenue was $256 thousand and $292 thousand for the three months ended June 30, 2025 and 2024, respectively. The value of above-market and below-market leases amortized as an adjustment to revenue was $523 thousand and $599 thousand for the six months ended June 30, 2025 and 2024, respectively. For the three months ended June 30, 2025 and 2024, lease incentive amortization was $205 thousand and $195 thousand, respectively. For the six months ended June 30, 2025 and 2024, lease incentive amortization was $409 thousand and $431 thousand, respectively. At June 30, 2025, the total weighted average amortization period remaining for our intangible real estate assets and liabilities was 8.8 years, and the individual weighted average amortization period remaining for acquired in-place lease intangibles, above-market leases, below-market leases, lease incentives, and tenant improvement intangible was 8.7 years, 6.0 years, 10.2 years, 10.7 years, and 13.7 years, respectively. Amortization of Lease Intangibles The following table presents the estimated net impact during the next five years and thereafter related to the amortization of in-place lease intangibles, and above-market and below-market lease intangibles for properties held for investment.
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