REAL ESTATE INVESTMENTS, NET AND INTANGIBLE REAL ESTATE ASSETS AND LIABILITIES, NET (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Real Estate [Abstract] |
|
| Schedule of Real Estate Investments, Net |
Real estate investments, net, which consist of land, buildings and improvements leased to others subject to net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business are summarized as follows:
|
|
|
|
|
|
|
|
|
(In thousands) |
|
June 30,
2026 |
|
|
December 31,
2025 |
|
Land |
|
$ |
1,532,635 |
|
|
$ |
1,499,059 |
|
Buildings and improvements |
|
|
1,904,661 |
|
|
|
1,862,630 |
|
Equipment |
|
|
136,118 |
|
|
|
135,943 |
|
Total gross real estate investments |
|
|
3,573,414 |
|
|
|
3,497,632 |
|
Less: accumulated depreciation |
|
|
(839,554 |
) |
|
|
(816,992 |
) |
Real estate investments, net |
|
|
2,733,860 |
|
|
|
2,680,640 |
|
Intangible real estate assets, net |
|
|
128,392 |
|
|
|
129,371 |
|
Total Real Estate Investments and Intangible Real Estate Assets, Net |
|
$ |
2,862,252 |
|
|
$ |
2,810,011 |
|
|
| Schedule of Intangible Assets |
The following tables detail intangible real estate assets and liabilities.
|
|
|
|
|
|
|
|
|
(In thousands) |
|
June 30,
2026 |
|
|
December 31,
2025 |
|
Acquired in-place lease intangibles |
|
$ |
193,714 |
|
|
$ |
184,508 |
|
Finance lease - right of use assets |
|
|
13,989 |
|
|
|
14,040 |
|
Above-market leases |
|
|
13,821 |
|
|
|
13,821 |
|
Lease incentives |
|
|
10,253 |
|
|
|
10,205 |
|
Tenant improvements intangible |
|
|
3,605 |
|
|
|
3,605 |
|
Direct lease costs |
|
|
1,028 |
|
|
|
923 |
|
Total |
|
|
236,410 |
|
|
|
227,102 |
|
Less: accumulated amortization |
|
|
(108,018 |
) |
|
|
(97,731 |
) |
Intangible Real Estate Assets, Net |
|
$ |
128,392 |
|
|
$ |
129,371 |
|
|
| Schedule of Intangible Liabilities |
|
|
|
|
|
|
|
|
|
(In thousands) |
|
June 30,
2026 |
|
|
December 31,
2025 |
|
Below-market leases |
|
$ |
2,610 |
|
|
$ |
2,610 |
|
Less: Accumulated amortization |
|
|
(1,915 |
) |
|
|
(1,825 |
) |
Intangible Real Estate Liabilities, Net |
|
$ |
695 |
|
|
$ |
785 |
|
|
| Schedule of Value of In-Place Lease Amortization included in Depreciation and Amortization Expense, and Above and Below-Market Leases and Lease Incentives Amortized as an Adjustment to Revenue |
The following table details the value of in-place lease amortization included in depreciation and amortization expense, and above and below-market leases and lease incentives amortized as an adjustment to revenue.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30, |
|
|
Six Months Ended
June 30, |
|
(In thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Acquired in-place lease intangibles |
|
$ |
4,657 |
|
|
$ |
4,263 |
|
|
$ |
9,187 |
|
|
$ |
8,568 |
|
Above-market and below-market leases |
|
|
240 |
|
|
|
256 |
|
|
|
469 |
|
|
|
523 |
|
Lease incentives |
|
|
206 |
|
|
|
205 |
|
|
|
477 |
|
|
|
409 |
|
Total Lease Intangible Amortization |
|
$ |
5,103 |
|
|
$ |
4,724 |
|
|
$ |
10,133 |
|
|
$ |
9,500 |
|
|
| Schedule of Weighted Average Amortization Period of Intangible Lease Assets and Liabilities |
The following table presents the total weighted average amortization period remaining for our intangible real estate assets and liabilities at June 30, 2026.
|
|
|
|
|
(In years) |
|
|
|
Acquired in-place leases |
|
|
8.4 |
|
Above-market leases |
|
|
5.9 |
|
Below-market leases |
|
|
10.7 |
|
Lease incentives |
|
|
10.0 |
|
Tenant improvement |
|
|
12.7 |
|
Weighted Average Amortization Period of Intangible Real Estate Assets and Liabilities |
|
|
8.5 |
|
|
| Schedule of Intangible Assets, Future Amortization Expense |
The following table presents the estimated net impact during the next five years and thereafter related to the amortization of in-place lease intangibles, and above-market and below-market lease intangibles for properties held for investment.
|
|
|
|
|
(In thousands) |
|
June 30, |
|
2026 (Six months) |
|
$ |
9,629 |
|
2027 |
|
|
17,240 |
|
2028 |
|
|
14,702 |
|
2029 |
|
|
12,422 |
|
2030 |
|
|
10,252 |
|
Thereafter |
|
|
42,422 |
|
Total Future Amortization |
|
$ |
106,667 |
|
|