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Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale | 12 Months Ended
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Dec. 31, 2023
Real Estate [Abstract] |
Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale | Note 5—Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale The Company’s real estate assets consist of the following ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2023 |  | December 31, 2022
Land and land improvements, at cost | ​ | $ | 551,105 | ​ | $ | 547,739
Buildings and improvements, at cost | ​ |  | 193,232 | ​ |  | 193,232
Less: accumulated depreciation | ​ |  | (40,400) | ​ |  | (34,371)
Total real estate, net | ​ | $ | 703,937 | ​ | $ | 706,600
Real estate-related intangible assets, net | ​ |  | 211,113 | ​ |  | 217,795
Real estate available and held for sale(1) | ​ | ​ | 9,711 | ​ | ​ | —
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale | ​ | $ | 924,761 | ​ | $ | 924,395
(1) | During the year ended December 31, 2023, the Company acquired $9.7 million of real property that is being marketed for sale and is recorded in real estate available and held for sale. During the year ended December 31, 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 $0.1 million of gains on the sales, which is recorded in “Other income” in the Company’s consolidated statements of operations.
​ Real estate-related intangible assets, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (18,388) | ​ | $ | 167,614
In-place lease assets, net(2) | ​ |  | 65,345 | ​ |  | (22,551) | ​ |  | 42,794
Other intangible assets, net | ​ |  | 750 | ​ |  | (45) | ​ |  | 705
Total | ​ | $ | 252,097 | ​ | $ | (40,984) | ​ | $ | 211,113
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.
The amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Years Ended December 31,
Intangible asset |  | Location | ​ | 2023 |  | 2022 |  | 2021
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 3,135 | ​ | $ | 3,135 | ​ | $ | 3,255
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 3,540 | ​ |  | 3,576 | ​ |  | 3,525
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 8 | ​ |  | 8 | ​ |  | 8
​ The estimated expense from the amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):(1)
​ | ​ | ​ | ​
Year |  | Amount
2024 | ​ | $ | 6,634
2025 | ​ | ​ | 6,634
2026 | ​ |  | 3,255
2027 | ​ |  | 3,255
2028 | ​ |  | 3,247
(1) | As of December 31, 2023, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 80.4 years.
Real estate-related intangible liabilities, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (4,863) | ​ | $ | 63,755
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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.
The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Years Ended December 31,
Intangible liability |  | Location |  | 2023 |  | 2022 |  | 2021
Below-market lease liabilities (increase to income) |  | Operating lease income |  | $ | 837 | ​ | $ | 838 | ​ | $ | 838
​ 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 December 31, 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
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
2028 | ​ | ​ | 5,811 | ​ | ​ | 19,101 | ​ | ​ | 2,421 | ​ | ​ | 986 | ​ | ​ | 304 | ​ | ​ | 28,623
Thereafter | ​ |  | 429,245 | ​ |  | 4,289,009 | ​ |  | 430,688 | ​ |  | 14,841 | ​ |  | — | ​ |  | 5,163,783
​

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//976/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//978/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//970/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//972/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//974/tableOfContent + Details
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