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Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Tables) | 9 Months Ended
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Sep. 30, 2023
Real Estate [Abstract] |
Schedule of Real Estate Assets | The Company’s real estate assets consist of the following ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2023 |  | December 31, 2022
Land and land improvements, at cost | ​ | $ | 551,339 | ​ | $ | 547,739
Buildings and improvements, at cost | ​ |  | 193,232 | ​ |  | 193,232
Less: accumulated depreciation | ​ |  | (38,892) | ​ |  | (34,371)
Total real estate, net | ​ | $ | 705,679 | ​ | $ | 706,600
Real estate-related intangible assets, net | ​ |  | 212,771 | ​ |  | 217,795
Real estate available and held for sale(1) | ​ | ​ | 7,216 | ​ | ​ | —
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale | ​ | $ | 925,666 | ​ | $ | 924,395
(1) | During the three months ended September 30, 2023, the Company acquired $7.2 million of real property that is being marketed for sale and is recorded in real estate available and held for sale. During the nine months ended September 30, 2023, the Company sold $1.5 million of real property that was acquired from iStar that was classified as available for sale upon acquisition. 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 September 30, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (17,605) | ​ | $ | 168,397
In-place lease assets, net(2) | ​ |  | 65,345 | ​ |  | (21,678) | ​ |  | 43,667
Other intangible assets, net | ​ |  | 750 | ​ |  | (43) | ​ |  | 707
Total | ​ | $ | 252,097 | ​ | $ | (39,326) | ​ | $ | 212,771
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 nine months ended September 30, 2023 and 2022 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Three Months Ended September 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 | ​ |  | 898
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 2 | ​ |  | 2
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Nine Months Ended September 30,
Intangible asset |  | Location |  | 2023 |  | 2022
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 2,351 | ​ | $ | 2,351
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 2,667 | ​ |  | 2,688
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 6 | ​ |  | 6
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 three months) | ​ | $ | 1,658
2024 | ​ | ​ | 6,634
2025 | ​ |  | 6,634
2026 | ​ |  | 3,725
2027 | ​ |  | 3,725
(1) | As of September 30, 2023, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 80.3 years.
Schedule of Real Estate Related Intangible Liabilities | Real estate-related intangible liabilities, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of September 30, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (4,655) | ​ | $ | 63,963
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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 nine months ended September 30, 2023 and 2022 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Three Months Ended September 30,
Intangible liability |  | Location |  | 2023 |  | 2022
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 209 | ​ | $ | 209
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Nine Months Ended September 30,
Intangible liability |  | Location |  | 2023 |  | 2022
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 628 | ​ | $ | 628
​
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 September 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 three months) | ​ | $ | 1,453 | ​ | $ | 4,363 | ​ | $ | 559 | ​ | $ | 2,755 | ​ | $ | 105 | ​ | $ | 9,235
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 September 30, 2023 and 2022, the Company recognized $0.2 million and $0.2 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations. During the nine months ended September 30, 2023 and 2022, the Company recognized $4.2 million and $1.1 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

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