v3.26.1
REAL ESTATE INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
Schedule of Asset and Rental Income Concentration
As of March 31, 2026 and December 31, 2025, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows (dollars in thousands):
March 31, 2026December 31, 2025
Property and LocationNet Carrying ValuePercentage of
Total Assets		Net Carrying ValuePercentage of
Total Assets
KIA retail property, Carson, CA$64,936 13.4 %$65,202 13.7 %
During the three months ended March 31, 2026 and 2025, the Company’s rental income concentration (greater than 10% of rental income) was as follows (dollars in thousands):
Three Months Ended March 31,
20262025
Property and LocationRental IncomePercentage of
Total Rental Income		Rental IncomePercentage of
Total Rental Income
Lindsay, nine industrial properties - CO (three), OH (two), PA, NC, SC and FL
$1,656 14.2 %$1,661 14.2 %
KIA retail property - CA$1,266 10.8 %$1,271 10.8 %
Schedule of Rental Payments for Operating Leases
As of March 31, 2026, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases are as follows (in thousands):
Amount
April through December 2026$30,011 
202740,381 
202840,800 
202940,264 
203040,268 
Thereafter473,968 
$665,692 
Schedule of Intangible Assets
As of March 31, 2026 and December 31, 2025, intangible assets, net related to the Company’s real estate, excluding any intangible assets, net related to properties classified as held for sale, were as follows (in thousands):
March 31, 2026December 31, 2025
Tenant Origination and Absorption CostsAbove-Market Lease IntangiblesBelow-Market Lease IntangiblesTenant Origination and Absorption CostsAbove-Market Lease IntangiblesBelow-Market Lease Intangibles
Cost$13,540 $1,560 $(14,408)$13,638 $1,559 $(14,408)
Accumulated amortization(8,526)(404)7,573 (9,824)(390)7,341 
Net amount$5,014 $1,156 $(6,835)$3,814 $1,169 $(7,067)
Schedule of Intangible Assets Amortization
As of March 31, 2026, 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 IntangiblesBelow-Market Lease Intangibles
April through December 2026$510 $41 $(694)
2027673 54 (926)
2028653 54 (916)
2029558 54 (876)
2030547 54 (876)
Thereafter2,073 899 (2,547)
$5,014 $1,156 $(6,835)
Weighted-average remaining amortization period8.5 years21.4 years7.7 years
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 March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026December 31, 2025
Assets related to real estate investments held for sale:
Land, buildings and improvements$14,649 $4,310 
Tenant origination and absorption costs1,470 — 
Accumulated depreciation and amortization(5,491)(409)
Real estate investments held for sale, net10,628 3,901 
Other assets, net105 — 
Total assets related to real estate investments held for sale:$10,733 $3,901