REAL ESTATE INVESTMENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Real Estate [Abstract] |
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| Schedule of Asset and Rental Income Concentration |
As of December 31, 2025 and 2024, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Property and Location | | Net Carrying Value | | Percentage of
Total Assets | | Net Carrying Value | | Percentage of
Total Assets | | KIA retail property, Carson, CA | | $ | 65,202 | | | 13.7 | % | | $ | 66,263 | | | 13.0 | % |
During the years ended December 31, 2025 and 2024, the Company’s rental income concentration (greater than 10% of rental income) was as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | | 2025 | | 2024 | | Property and Location | | | | | | | | | | Rental Income | | Percentage of
Total Rental Income | | Rental Income | | Percentage of
Total Rental Income | Lindsay, nine industrial properties - CO (three), OH (two), PA, NC, SC and FL | | | | | | | | | | $ | 6,640 | | | 14.5 | % | | $ | 6,651 | | | 14.3 | % | | KIA retail property - CA | | | | | | | | | | $ | 5,052 | | | 11.0 | % | | $ | 5,029 | | | 10.8 | % |
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| Schedule of Rental Payments for Operating Leases |
As of December 31, 2025, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases, excluding the TIC Interest, are as follows (in thousands): | | | | | | | | | | | Amount | | 2026 | | $ | 37,282 | | | 2027 | | 37,709 | | | 2028 | | 38,049 | | | 2029 | | 37,430 | | | 2030 | | 37,350 | | | Thereafter | | 457,343 | | | | $ | 645,163 | |
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| Schedule of Intangible Assets |
As of December 31, 2025 and 2024, intangible assets, net related to the Company’s real estate were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | December 31, 2024 | | Tenant Origination and Absorption Costs | | Above-Market Lease Intangibles | | Below-Market Lease Intangibles | | Tenant Origination and Absorption Costs | | Above-Market Lease Intangibles | | Below-Market Lease Intangibles | | Cost | $ | 13,638 | | | $ | 1,559 | | | $ | (14,408) | | | $ | 13,194 | | | $ | 1,560 | | | $ | (14,365) | | | Accumulated amortization | (9,824) | | | (390) | | | 7,341 | | | (9,203) | | | (320) | | | 6,417 | | | Net amount | $ | 3,814 | | | $ | 1,169 | | | $ | (7,067) | | | $ | 3,991 | | | $ | 1,240 | | | $ | (7,948) | |
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| Schedule of Intangible Assets Amortization |
As of December 31, 2025, amortization of intangible assets for each of the next five years and thereafter is expected to be as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | Tenant
Origination and
Absorption Costs | | Above-Market Lease Intangibles | | Below-Market Lease Intangibles | | 2026 | | $ | 558 | | | $ | 54 | | | $ | (926) | | | 2027 | | 549 | | | 54 | | | (926) | | | 2028 | | 529 | | | 54 | | | (916) | | | 2029 | | 434 | | | 54 | | | (876) | | | 2030 | | 423 | | | 54 | | | (876) | | | Thereafter | | 1,321 | | | 899 | | | (2,547) | | | | $ | 3,814 | | | $ | 1,169 | | | $ | (7,067) | | | | | | | | | | Weighted-average remaining amortization period | | 8.2 years | | 21.7 years | | 7.9 years |
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| Schedule of Dispositions and Real Estate Investments Held for Sale |
The following table summarizes the major components of assets and liabilities related to real estate investments held for sale as of December 31, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | | | December 31, | | | 2025 | | 2024 | | | | | | | Assets related to real estate investments held for sale: | | | | | | Land, buildings and improvements | | $ | 4,310 | | | $ | 27,586 | | | Tenant origination and absorption costs | | — | | | 2,765 | | | Accumulated depreciation and amortization | | (409) | | | (7,979) | | | Real estate investments held for sale, net | | $ | 3,901 | | | $ | 22,372 | | | | | | | | | | | | | | | | | | Liabilities related to real estate investments held for sale: | | | | | | Other liabilities, net | | $ | — | | | $ | 26 | | | | | | |
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