v3.25.2
Real Estate Investments, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate Investments, Net [Abstract]  
Schedule of Revenue
The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of June 30, 2025 and 2024:
June 30,
State20252024
Florida22.4%20.5%
Georgia11.1%*
Pennsylvania10.7%10.5%
Iowa10.3%*
*    Not greater than 10%.
Schedule of Finite-Lived Intangible Assets
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases, net, for the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Amortization of in-place leases and other intangible assets (1)
$2,168 $3,585 $4,683 $6,669 
Accretion of above- and below-market leases, net (2)
$(158)$(284)$(197)$(784)
Amortization of above- and below-market ground leases, net (3)
$32 $57 $2,410 $96 
________
(1)Reflected within depreciation and amortization expense.
(2)Reflected within revenue from tenants.
(3)Reflected within property operating and maintenance expense.
Schedule of Projected Amortization Expense
The following table provides the projected amortization expense and adjustments to revenues for the next five years:
(In thousands)2025 (remainder)2026202720282029
In-place lease assets$4,042 $7,298 $5,013 $3,704 $3,259 
Other intangible assets2 4 4 4 3 
Total to be added to amortization expense$4,044 $7,302 $5,017 $3,708 $3,262 
Above-market lease assets$(134)$(239)$(176)$(138)$(73)
Below-market lease liabilities496 925 650 586 545 
Total to be added to revenue from tenants
$362 $686 $474 $448 $472 
Schedule of Impairments Recorded
The following table presents impairment charges by segment recorded during the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
OMF
$1,142 $2,409 $1,889 $2,409 
SHOP
14,070 — 25,222 260 
Total impairment charges(1)
$15,212 $2,409 $27,111 $2,669 
(1)Amounts presented for the six months ended June 30, 2025 primarily relate to two held-for-use SHOPs and two held-for-use OMF. These properties were impaired to their contractual sales price as determined by their purchase and sale agreements and were subsequently sold or expected to be sold.