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Real Estate Transactions (Tables) | 12 Months Ended
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Dec. 31, 2025
Real Estate [Abstract] |
Schedule of Asset Acquisition | The following table summarizes the Company's real estate acquisition activity for the year ended December 31, 2024, which was accounted for as asset acquisitions (dollars in thousands).
|  |  |  | 2024 |  |
Number of properties acquired 1 |  |  |  | 1 |  |
Contract price |  |  |  | $ | 29,666 |  |  |
Total price of acquisitions 2 |  |  |  | $ | 29,826 |  |  |
1 The 2024 acquisition was structured as a partial like-kind exchange in accordance with Code §1031.
3 Total price of acquisition includes transaction costs and closing costs and credits.
The aggregate purchase price of the assets acquired during the year ended December 31, 2024, was allocated as follows (in thousands):
Fair value of assets acquired |  |  |  | 2024 |
Assets acquired: |  |  |  |  |
Land |  |  |  | $ | 8,723 |  |
Property and improvements |  |  |  | 20,978 |  |
In-place leases |  |  |  | 1,051 |  |
Total assets acquired |  |  |  | $ | 30,752 |  |
Liabilities assumed: |  |  |  |  |
Unfavorable leases |  |  |  | $ | 926 |  |
Total liabilities assumed |  |  |  | $ | 926 |  |
Net assets acquired |  |  |  | $ | 29,826 |  |
Schedule of Real Estate Disposition Activity | The following table summarizes the real estate disposition activity for the year ended December 31, 2024 (dollars in thousands).
|  | 2024 |  |
Number of properties disposed |  | 1 |  |
Contract Price |  | $ | 14,250 |  |  |
Gain/(loss) on disposal 1 |  | $ | 51 |  |  |
1 As of December 31, 2023, this property met the criteria for classification as held for sale and accordingly, was measured at its fair value less costs to sell, resulting in an impairment charge of $2.2 million for the year ended December 31, 2023. The Company recognized a gain on disposal of $0.1 million when the property was sold during the year ended December 31, 2024. |  |
The following table presents information related to the major classes of assets and liabilities that were classified as held for sale in the consolidated balance sheet as of December 31, 2025 (in thousands):
|  | 2025
Assets: |  |
Real estate investments |  |
Real estate property |  | $ | 11,026 |
Accumulated depreciation |  | (2,860) |
Real estate property, net |  | 8,166 |
Real estate investments, net |  | 8,166 |
Straight-line rent receivable |  | 35 |
Prepaid expenses and other assets |  | 72 |
Total Assets held for sale |  | $ | 8,273 |
Liabilities: |  |
Accrued and other liabilities |  | $ | 49 |
Total Liabilities associated with assets held for sale 1 |  | $ | 49 |
1 Liabilities associated with assets held for sale is presented in Accrued and other liabilities on the Consolidated Balance Sheets as of December 31, 2025. The following table summarizes income (loss) from discontinued operations included in the Consolidated Statements of Operations for the three years ended December 31, 2025, 2024, and 2023, (in thousands):
|  | 2025 |  | 2024 |  | 2023
Revenue |  | $ | — |  |  | $ | — |  |  | $ | 201,162 |
Cost of sales 1 |  | — |  |  | (62) |  |  | (178,115) |
Selling, general, and administrative 1 |  | (44) |  |  | (3,404) |  |  | (15,753) |
Gain (loss) on disposal of assets, net |  | — |  |  | — |  |  | (13,242) |
Operating income (loss) from discontinued operations 1 |  | (44) |  |  | (3,466) |  |  | (5,948) |
Income (loss) related to joint ventures |  | — |  |  | — |  |  | (1,465) |
Interest and other income (expense), net |  | — |  |  | — |  |  | 77 |
Interest expense |  | — |  |  | — |  |  | (496) |
Income (loss) from discontinued operations before income taxes 1 |  | (44) |  |  | (3,466) |  |  | (7,832) |
Income tax benefit (expense) attributable to discontinued operations |  | 129 |  |  | — |  |  | (15) |
Income (loss) from discontinued operations 1 |  | 85 |  |  | (3,466) |  |  | (7,847) |
Loss (income) attributable to discontinued noncontrolling interest |  | — |  |  | — |  |  | (3,151) |
Income (loss) from discontinued operations attributable to A&B Shareholders 1 |  | $ | 85 |  |  | $ | (3,466) |  |  | $ | (10,998) |
1 Includes zero, $3.5 million, and $0.1 million in costs associated with the resolution of liabilities from the Company’s former sugar operations for the years ended December 31, 2025, 2024, and 2023, respectively.
Schedule of Intangible Assets | Real estate intangible assets, net and other intangible assets included in Prepaid expenses and other assets as of December 31, 2025 and 2024, were as follows (in thousands):
| 2025 |  | 2024
In-place leases | $ | 72,064 |  |  | $ | 73,624 |
Favorable leases | 14,314 |  |  | 14,363 |
Accumulated amortization of in-place leases | (50,493) |  |  | (47,544) |
Accumulated amortization of favorable leases | (10,201) |  |  | (9,267) |
Real estate intangible assets, net | $ | 25,684 |  |  | $ | 31,176 |
Other intangible assets | $ | 594 |  |  | $ | 594 |
Accumulated amortization of other intangible assets | (594) |  |  | (594) |
Other intangible assets, net | $ | — |  |  | $ | — |
Schedule of Estimated Future Amortization Expenses | Estimated amortization expenses related to intangible assets over the next five years are as follows (in thousands):
| Estimated Amortization
2026 | $ | 3,697 |
2027 | 3,506 |
2028 | 2,782 |
2029 | 2,486 |
2030 | 2,448 |

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