v3.25.2
Real Estate Investments and Related Intangibles (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Property Dispositions
The following table summarizes the Company’s property dispositions during the periods indicated below (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total dispositions4 1 4 1 
Aggregate gross sales price$26,930 $2,100 $26,930 $2,100 
Gain on disposition of real estate assets$891 $— $891 $— 
Property count3 — 3 — 
Impairments on disposition of real estate assets$1,165 $20 $1,165 $20 
Property count1 1 1 1 
Schedule of Intangible Lease Assets and Liabilities
Intangible lease assets and liabilities consisted of the following (in thousands, except weighted average useful life):
Weighted Average Useful Life (Years)June 30, 2025December 31, 2024
Intangible lease assets:
In-place leases, net of accumulated amortization of $170,276 and $169,898, respectively
10.1$54,886 $68,099 
Leasing commissions, net of accumulated amortization of $6,365 and $4,508, respectively
12.324,600 21,834 
Above-market lease assets, net of accumulated amortization of $12,503 and $12,831, respectively
11.01,589 2,041 
Deferred lease incentives, net of accumulated amortization of $1,146 and $927, respectively
10.64,195 3,970 
Total intangible lease assets, net$85,270 $95,944 
Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $19,191 and $24,877, respectively
15.1$19,469 $20,596 
Schedule of Future Amortization Expense of Intangible Lease Assets and Liabilities
The following table provides the projected amortization expense and adjustments to rental revenue related to the intangible lease assets and liabilities for the next five years as of June 30, 2025 (in thousands):
Remainder of 202520262027202820292030
In-place leases:
Total projected to be included in amortization expense$9,703 $15,787 $8,172 $5,517 $2,797 $2,377 
Leasing commissions:
Total projected to be included in amortization expense$1,429 $2,595 $2,434 $2,198 $1,907 $1,884 
Above-market lease assets:
Total projected to be deducted from rental revenue$396 $680 $237 $115 $63 $63 
Deferred lease incentives:
Total projected to be deducted from rental revenue$273 $466 $442 $429 $418 $415 
Below-market lease liabilities:
Total projected to be added to rental revenue$1,020 $1,928 $1,766 $1,682 $1,500 $1,425 
Schedule of Company's Investment in Joint Venture
The following is a summary of the Company’s investment in the Arch Street Joint Venture, as of and for the periods indicated below (dollars in thousands):
Ownership % (1)
Number of PropertiesCarrying Value of
Investment		Equity in Loss, Net
Six Months Ended
InvestmentJune 30, 2025June 30, 2025December 31, 2024June 30, 2025June 30, 2024
Arch Street Joint Venture (2)
20%6$11,305 $11,822 $(517)$(279)
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(1)The Company’s ownership interest reflects its legal ownership interest. The Company’s legal ownership interest may, at times, not equal the Company’s economic interest because of various provisions in the joint venture agreement regarding capital contributions, distributions of cash flow based on capital account balances and allocations of profits and losses. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interest.
(2)The total carrying value of the Company’s investment in the Arch Street Joint Venture was less than the underlying equity in net assets by $0.3 million and less than $0.1 million as of June 30, 2025 and December 31, 2024, respectively. This difference is related to the recognition of the fair value of the investment in the Arch Street Joint Venture in connection with the Separation and the Distribution. The difference in fair value and carrying value of the investment was allocated based on the underlying assets and liabilities of the Arch Street Joint Venture and is being amortized over the estimated useful lives of the respective assets and liabilities in accordance with the Company’s accounting policies.