v3.26.1
LEASES (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Future Minimum Rental Income from Operating Leases
As of June 30, 2026, the future minimum rental income from the Company’s real estate assets under non-cancelable operating leases, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, was as follows (in thousands):
Future Minimum Rental Income
Remainder of 2026
$
46,898 
2027
94,050 
2028
91,181 
2029
90,029 
2030
88,536 
Thereafter
628,493 
Total
$
1,039,187 
Schedule of Rental and Other Property Income
Rental and other property income during the three and six months ended June 30, 2026 and 2025 is included in revenues from consolidated investments in the accompanying condensed combined and consolidated statements of operations and consisted of the following (in thousands):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Fixed rental and other property income (1)
$
1,844 
$
(37)
$
1,918 
$
38 
Variable rental and other property income (2)
174 
— 
174 
— 
Total rental and other property income
$
2,018 
$
(37)
$
2,092 
$
38 
__________________________________
(1)Consists primarily of fixed contractual payments from operating leases with tenants recognized on a straight-line basis over the lease term, including amortization of acquired above- and below-market leases, and is net of uncollectible lease-related receivables.
(2)Consists primarily of tenant reimbursements for recoverable real estate taxes and property operating expenses, and percentage rent.
Schedule of Maturity of operating lease liabilities The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases (in thousands):
Maturity of Operating Lease Liabilities
Remainder of 2026
$
2,983 
2027
6,037 
2028
6,087 
2029
5,634 
2030
4,269 
Thereafter
9,561 
Total future payments
34,571 
Less: interest
(4,209)
Total operating lease liabilities
$
30,362 
Schedule of Lease, Cost
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Fixed lease costs
$
1,313 
$
1,392 
$
2,627 
$
2,779 
Variable lease costs
496 
397 
1,130 
796 
Sublease income (1)
(337)
— 
(627)
— 
Total operating lease costs (1)
$
1,472 
$
1,789 
$
3,130 
$
3,575 
____________________________________
(1)Included in general and administrative in the accompanying condensed combined and consolidated statements of operations.
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Cash payments for operating leases
$
1,395 
$
1,468 
$
2,715 
$
2,907 
New operating lease right-of-use assets obtained in exchange for operating lease liabilities
$
— 
$
— 
$
— 
$
16,202 
As of June 30,
As of December 31,
2026
2025
Weighted-average remaining lease terms (in years)
6.3
6.6
Weighted-average discount rate
3.8 
%
3.8 
%