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Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Tables) | 6 Months Ended
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Jun. 30, 2023
Real Estate [Abstract] |
Schedule of Real Estate Assets | The Company’s real estate assets consist of the following ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | June 30, 2023 |  | December 31, 2022
Land and land improvements, at cost | ​ | $ | 547,739 | ​ | $ | 547,739
Buildings and improvements, at cost | ​ |  | 193,232 | ​ |  | 193,232
Less: accumulated depreciation | ​ |  | (37,385) | ​ |  | (34,371)
Total real estate, net | ​ | $ | 703,586 | ​ | $ | 706,600
Real estate-related intangible assets, net | ​ |  | 214,446 | ​ |  | 217,795
Total real estate, net and real estate-related intangible assets, net(1) | ​ | $ | 918,032 | ​ | $ | 924,395
(1) | During the three and six months ended June 30, 2023, the Company sold $1.5 million of residential homes that were acquired from iStar that were classified as available for sale. The Company recognized $0.1 million of gains on the sales, which is recorded in “Other income” in the Company’s consolidated statements of operations.
Schedule of Real Estate-Related Intangible Assets, Net | Real estate-related intangible assets, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (16,821) | ​ | $ | 169,181
In-place lease assets, net(2) | ​ |  | 65,345 | ​ |  | (20,789) | ​ |  | 44,556
Other intangible assets, net | ​ |  | 750 | ​ |  | (41) | ​ |  | 709
Total | ​ | $ | 252,097 | ​ | $ | (37,651) | ​ | $ | 214,446
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2022
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ |  | Intangible |  | Amortization |  | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (15,254) | ​ | $ | 170,748
In-place lease assets, net(2) | ​ |  | 65,345 | ​ |  | (19,011) | ​ |  | 46,334
Other intangible assets, net | ​ |  | 750 | ​ |  | (37) | ​ |  | 713
Total | ​ | $ | 252,097 | ​ | $ | (34,302) | ​ | $ | 217,795
(1) | Above-market lease assets are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Above-market lease assets are amortized over the non-cancelable term of the leases.
(2) | In-place lease assets are recognized during asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. In-place lease assets are amortized over the non-cancelable term of the leases.
Schedule of Amortization of Real Estate Related Intangible Assets | The amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Three Months Ended June 30,
Intangible asset |  | Location |  | 2023 |  | 2022
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 784 | ​ | $ | 784
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 889 | ​ |  | 897
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 2 | ​ |  | 2
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Six Months Ended June 30,
Intangible asset |  | Location |  | 2023 |  | 2022
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 1,567 | ​ | $ | 1,567
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 1,778 | ​ |  | 1,789
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 4 | ​ |  | 4
Schedule of Future Amortization Expense | The estimated amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):(1)
​ | ​ | ​ | ​
Year |  | Amount
2023 (remaining six months) | ​ | $ | 3,333
2024 | ​ | ​ | 6,634
2025 | ​ |  | 6,634
2026 | ​ |  | 3,725
2027 | ​ |  | 3,725
(1) | As of June 30, 2023, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 80.2 years.
Schedule of Real Estate Related Intangible Liabilities | Real estate-related intangible liabilities, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (4,446) | ​ | $ | 64,172
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2022
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (4,027) | ​ | $ | 64,591
(1) | Below-market lease liabilities are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Below-market lease liabilities are amortized over the non-cancelable term of the leases.
Schedule of Impact of Amortization of Real Estate Related Intangible Liabilities on Statements of Operations | The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Three Months Ended June 30,
Intangible liability |  | Location |  | 2023 |  | 2022
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 209 | ​ | $ | 209
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Six Months Ended June 30,
Intangible liability |  | Location |  | 2023 |  | 2022
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 419 | ​ | $ | 419
​
Future Minimum Ground Net Lease Payments | Future Minimum Operating Lease Payments—Future minimum lease payments to be collected under non-cancelable operating leases, excluding lease payments that are not fixed and determinable, in effect as of June 30, 2023, are as follows by year ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Fixed Bumps |  | ​ | ​ |  | ​ | ​ |  | Fixed |  | ​ | ​
​ | ​ | ​ | ​ | ​ | with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Bumps with | ​ | ​ | ​
​ | ​ | Inflation- | ​ | Inflation | ​ | Fixed | ​ | Percentage | ​ | Percentage | ​ | ​ | ​
Year |  | Linked |  | Adjustments |  | Bumps |  | Rent |  | Rent |  | Total
2023 (remaining six months) | ​ | $ | 2,906 | ​ | $ | 8,710 | ​ | $ | 1,111 | ​ | $ | 5,509 | ​ | $ | 196 | ​ | $ | 18,432
2024 | ​ |  | 5,811 | ​ |  | 17,677 | ​ |  | 2,247 | ​ |  | 11,018 | ​ |  | 421 | ​ |  | 37,174
2025 | ​ |  | 5,811 | ​ |  | 18,004 | ​ |  | 2,313 | ​ |  | 11,018 | ​ |  | 421 | ​ |  | 37,567
2026 | ​ |  | 5,811 | ​ |  | 18,370 | ​ |  | 2,357 | ​ | ​ | 986 | ​ | ​ | 421 | ​ |  | 27,945
2027 | ​ | ​ | 5,811 | ​ | ​ | 18,755 | ​ | ​ | 2,388 | ​ | ​ | 986 | ​ | ​ | 421 | ​ | ​ | 28,361
Thereafter | ​ |  | 435,056 | ​ |  | 4,308,109 | ​ |  | 433,110 | ​ |  | 15,826 | ​ |  | 304 | ​ |  | 5,192,405
(1) | During the three months ended June 30, 2023 and 2022, the Company recognized $0.3 million and $0.2 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations. During the six months ended June 30, 2023 and 2022, the Company recognized $4.0 million and $0.9 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

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