Real Estate Held For Investment and Lease Arrangements (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Real Estate [Abstract] |
|
| Summary of Company Allocated Purchase Price of Properties to Fair Values of Assets and Liabilities Assumed |
The Company allocated the purchase price of these properties to the fair values of the assets and liabilities assumed, which is summarized in the following table:
|
|
|
|
|
|
|
(in thousands) |
June 30, 2026 |
|
December 31, 2025 |
|
Land |
$ |
25,725 |
|
$ |
33,644 |
|
Buildings |
|
51,933 |
|
|
71,455 |
|
Site improvements |
|
5,014 |
|
|
7,178 |
|
Other assets |
|
58 |
|
|
122 |
|
Intangible assets: |
|
|
|
|
Above-market leases |
|
3,248 |
|
|
2,560 |
|
In-place leases and origination costs |
|
8,606 |
|
|
14,350 |
|
|
|
94,584 |
|
|
129,309 |
|
Liabilities assumed: |
|
|
|
|
Below-market leases intangible liabilities |
|
(1,377 |
) |
|
(3,745 |
) |
Accounts payable and accrued liabilities |
|
(33 |
) |
|
(145 |
) |
Purchase price (including acquisition costs) |
$ |
93,174 |
|
$ |
125,419 |
|
|
| Summary of Depreciation Expense on Real Estate Held for Investment |
The depreciation expense on real estate held for investment was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Depreciation |
|
$ |
4,125 |
|
|
$ |
3,692 |
|
|
$ |
7,865 |
|
|
$ |
7,350 |
|
|
| Summary of Rental Revenue |
The following table summarizes amounts reported as rental revenues on the accompanying condensed consolidated statements of operations and comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Rental revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
Contractual rental amounts billed |
|
$ |
15,970 |
|
|
$ |
15,518 |
|
|
$ |
31,740 |
|
|
$ |
30,538 |
|
Reimbursable income |
|
|
2,042 |
|
|
|
2,441 |
|
|
|
4,109 |
|
|
|
4,100 |
|
Percentage rent |
|
|
29 |
|
|
|
146 |
|
|
|
63 |
|
|
|
180 |
|
Other operating income |
|
|
203 |
|
|
|
97 |
|
|
|
495 |
|
|
|
216 |
|
Adjustment to recognize contractual rental amounts on a straight-line basis |
|
|
22 |
|
|
|
286 |
|
|
|
456 |
|
|
|
408 |
|
Above/below market lease amortization, net |
|
|
(457 |
) |
|
|
(941 |
) |
|
|
(1,078 |
) |
|
|
(1,652 |
) |
Total rental revenues |
|
$ |
17,809 |
|
|
$ |
17,547 |
|
|
$ |
35,785 |
|
|
$ |
33,790 |
|
|
| Summary of Total Estimated Future Minimum Rents to be Received Under Non-cancelable Leases |
Total estimated future minimum rents to be received under non-cancelable leases in effect as of June 30, 2026, are as follows:
|
|
|
|
|
(in thousands) |
|
June 30, 2026 |
|
Remainder of 2026 |
|
$ |
33,398 |
|
2027 |
|
|
64,035 |
|
2028 |
|
|
59,145 |
|
2029 |
|
|
54,523 |
|
2030 |
|
|
49,456 |
|
Thereafter |
|
|
271,985 |
|
|
|
$ |
532,542 |
|
|