INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Intangible Lease Assets and Liabilities |
Intangible lease assets and liabilities consisted of the following as of December 31, 2025 and 2024 (in thousands, except weighted average life remaining): | | | | | | | | | | | | | As of December 31, | | 2025 | | 2024 | Intangible lease assets: | | | | In-place leases and other intangibles, net of accumulated amortization of $59,881 and $51,282, respectively (with a weighted average life remaining of 11.6 years and 11.8 years, respectively) | $ | 93,674 | | | $ | 88,698 | | Acquired above-market leases, net of accumulated amortization of $5,332 and $3,213, respectively (with a weighted average life remaining of 7.9 years and 10.6 years, respectively) | 10,014 | | | 3,447 | | Total intangible lease assets, net | $ | 103,688 | | | $ | 92,145 | | Intangible lease liabilities: | | | | Acquired below-market leases, net of accumulated amortization of $7,078 and $6,036, respectively (with a weighted average life remaining of 12.5 years and 11.2 years, respectively) | $ | 14,293 | | | $ | 11,812 | |
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| Schedule of Amortization Expense Related to the Intangible Lease Assets |
The following table summarizes the amortization related to the intangible lease assets and liabilities for the years ended December 31, 2025, 2024, and 2023 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | In-place lease and other intangible amortization | | $ | 11,773 | | | $ | 9,844 | | | $ | 13,889 | | Above-market lease amortization | | $ | 2,456 | | | $ | 406 | | | $ | 574 | | Below-market lease amortization | | $ | 1,177 | | | $ | 1,119 | | | $ | 1,348 | |
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| Schedule of Estimated Amortization Relating to the Intangible Lease Assets and Liabilities |
As of December 31, 2025, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | Amortization | Year Ending December 31, | | In-Place Leases and Other Intangibles | | Above-Market Leases | | Below-Market Leases | 2026 | | $ | 10,455 | | | $ | 2,100 | | | $ | 1,312 | | 2027 | | 10,157 | | | 2,060 | | | 1,313 | | 2028 | | 9,160 | | | 1,738 | | | 1,313 | | 2029 | | 8,406 | | | 1,218 | | | 1,313 | | 2030 | | 7,971 | | | 1,046 | | | 1,303 | | Thereafter | | 47,525 | | | 1,852 | | | 7,739 | | Total | | $ | 93,674 | | | $ | 10,014 | | | $ | 14,293 | |
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