Intangibles (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Gross Carrying Amount and Accumulated Amortization of Intangibles Assets and Liabilities

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):


		June 30, 2025				December 31, 2024
Intangible assets:
In-place lease intangibles		$	49,182			$	20,964
Above-market lease intangibles			2,381				2,329
Total intangible assets			51,563				23,293
Accumulated amortization:
In-place lease amortization			(7,049	)			(2,526	)
Above-market lease amortization			(650	)			(460	)
Total accumulated amortization			(7,699	)			(2,986	)
Intangible assets, net		$	43,864			$	20,307
Intangible liabilities:
Below-market lease intangibles		$	(7,370	)		$	(3,159	)
Accumulated amortization:
Below-market lease amortization			1,369				362
Intangible liabilities, net		$	(6,001	)		$	(2,797	)

Schedule of Estimated Future Amortization Intangibles

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2025 is as follows ($ in thousands):


	In-place Lease Intangibles				Above-market Lease Intangibles				Below-market Lease Intangibles
2025 (remaining)	$	8,099			$	183			$	(1,173	)
2026		6,520				366				(1,293	)
2027		5,093				356				(859	)
2028		4,397				349				(702	)
2029		3,848				313				(360	)
Thereafter		14,176				164				(1,614	)
Total	$	42,133			$	1,731			$	(6,001	)