Investments in Real Estate (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Real Estate [Abstract] |
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| Summary of Real Estate Purchases |
Below is a summary of our investments in wholly-owned real estate, before depreciation and amortization, as of September 30, 2026 and December 31, 2025:
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|
|
|
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($s in thousands) |
|
September 30, 2026 |
|
|
December 31, 2025 |
|
Buildings and improvements |
|
$ |
323,552 |
|
|
$ |
347,880 |
|
Land |
|
|
50,349 |
|
|
|
53,025 |
|
Land improvements |
|
|
39,335 |
|
|
|
42,358 |
|
Work in progress |
|
|
171 |
|
|
|
86 |
|
Tenant improvements |
|
|
566 |
|
|
|
500 |
|
Acquired value of in-place leases |
|
|
47,759 |
|
|
|
51,660 |
|
Above market rent lease intangibles |
|
|
308 |
|
|
|
308 |
|
Below market rent lease intangibles |
|
|
(5,094 |
) |
|
|
(5,901 |
) |
Total investments in real estate |
|
$ |
456,946 |
|
|
$ |
489,916 |
|
(1)A property with a book value of approximately $33.4 million was contributed to a DST. See Note 5. Investment in DST for more details.
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| Schedule of Depreciation Expense of Tangible Real Estate Assets |
During the three and nine months ended September 30, 2026 and 2025, we recognized the following depreciation expense associated with our tangible real estate assets:
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Three Months Ended |
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|
Nine Months Ended |
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|
September 30, 2026 |
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|
September 30, 2025 |
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|
September 30, 2026 |
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|
September 30, 2025 |
|
Depreciation |
$ |
2,768 |
|
|
$ |
2,540 |
|
|
$ |
8,341 |
|
|
$ |
6,899 |
|
|
| Summary of Lease Intangibles Amortization |
During the three and nine months ended September 30, 2026 and 2025, the Company recognized the following lease intangibles amortization:
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Three Months Ended |
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|
Nine Months Ended |
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($s in thousands) |
|
September 30, 2026 |
|
|
September 30, 2025 |
|
|
September 30, 2026 |
|
|
September 30, 2025 |
|
Acquired value of in-place leases |
|
$ |
2,708 |
|
|
$ |
2,428 |
|
|
$ |
8,228 |
|
|
$ |
6,140 |
|
Above market intangible lease asset |
|
$ |
17 |
|
|
$ |
16 |
|
|
$ |
49 |
|
|
$ |
18 |
|
Below market intangible lease liability |
|
$ |
(308 |
) |
|
$ |
(263 |
) |
|
$ |
(925 |
) |
|
$ |
(642 |
) |
|
| Schedule of Future Amortization of Acquired Lease Intangibles |
The following table summarizes future amortization of acquired lease intangibles as of September 30, 2026:
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($s in thousands) |
|
Acquired
Value of
In-Place
Leases |
|
|
Above
Market
Intangible
Lease Asset |
|
|
Below Market
Intangible
Lease
Liability |
|
2026 |
|
$ |
2,647 |
|
|
$ |
16 |
|
|
$ |
(307 |
) |
2027 |
|
|
8,925 |
|
|
|
65 |
|
|
|
(1,052 |
) |
2028 |
|
|
5,352 |
|
|
|
27 |
|
|
|
(594 |
) |
2029 |
|
|
3,349 |
|
|
|
2 |
|
|
|
(393 |
) |
2030 |
|
|
1,088 |
|
|
|
2 |
|
|
|
(130 |
) |
Thereafter |
|
|
2,511 |
|
|
|
66 |
|
|
|
(319 |
) |
Total |
|
$ |
23,872 |
|
|
$ |
178 |
|
|
$ |
(2,795 |
) |
Weighted average amortization period (years) |
|
|
3.1 |
|
|
|
13.6 |
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3.3 |
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