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Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Tables) | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Schedule of Real Estate Assets | The Company’s real estate assets consist of the following ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2024 |  | December 31, 2023
Land and land improvements, at cost | ​ | $ | 550,191 | ​ | $ | 551,105
Buildings and improvements, at cost | ​ |  | 193,232 | ​ |  | 193,232
Less: accumulated depreciation | ​ |  | (41,907) | ​ |  | (40,400)
Total real estate, net | ​ | $ | 701,516 | ​ | $ | 703,937
Real estate-related intangible assets, net | ​ |  | 212,657 | ​ |  | 211,113
Real estate available and held for sale(1) | ​ | ​ | 10,625 | ​ | ​ | 9,711
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale | ​ | $ | 924,798 | ​ | $ | 924,761
(1) | During the three months ended March 31, 2024, the Company transferred $0.9 million of real property that is being marketed for sale to real estate available and held for sale.
Schedule of Real Estate-Related Intangible Assets, Net | Real estate-related intangible assets, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of March 31, 2024
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (19,172) | ​ | $ | 166,830
In-place lease assets, net(2) | ​ |  | 68,551 | ​ |  | (23,427) | ​ |  | 45,124
Other intangible assets, net | ​ |  | 750 | ​ |  | (47) | ​ |  | 703
Total | ​ | $ | 255,303 | ​ | $ | (42,646) | ​ | $ | 212,657
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
(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 months ended March 31, 2024 and 2023 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Three Months Ended March 31, | ​
Intangible asset |  | Location |  | 2024 |  | 2023 | ​
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 784 | ​ | $ | 784 | ​
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 876 | ​ |  | 889 | ​
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 2 | ​ |  | 2 | ​
​
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
2024 (remaining nine months) | ​ | $ | 5,000
2025 | ​ | ​ | 6,667
2026 | ​ |  | 3,288
2027 | ​ |  | 3,288
2028 | ​ |  | 3,280
(1) | As of March 31, 2024, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 80.7 years.
Schedule of Real Estate Related Intangible Liabilities | Real estate-related intangible liabilities, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of March 31, 2024
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (5,072) | ​ | $ | 63,546
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (4,863) | ​ | $ | 63,755
(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 months ended March 31, 2024 and 2023 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Three Months Ended March 31, | ​
Intangible liability |  | Location |  | 2024 |  | 2023 |
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 208 | ​ | $ | 209 |
​
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 March 31, 2024, are as follows by year ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Fixed Bumps |  | ​ | ​ |  | ​ | ​ |  | Fixed |  | ​ | ​
​ | ​ | ​ | ​ | ​ | with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Bumps with | ​ | ​ | ​
​ | ​ | Inflation- | ​ | Inflation | ​ | Fixed | ​ | Percentage | ​ | Percentage | ​ | ​ | ​
Year |  | Linked |  | Adjustments |  | Bumps |  | Rent(1) |  | Rent |  | Total
2024 (remaining nine months) | ​ | $ | 4,354 | ​ | $ | 13,284 | ​ | $ | 1,689 | ​ | $ | 8,264 | ​ | $ | 316 | ​ | $ | 27,907
2025 | ​ |  | 5,807 | ​ |  | 18,004 | ​ |  | 2,313 | ​ |  | 11,018 | ​ |  | 421 | ​ |  | 37,563
2026 | ​ |  | 5,807 | ​ |  | 18,370 | ​ |  | 2,357 | ​ | ​ | 986 | ​ |  | 421 | ​ |  | 27,941
2027 | ​ |  | 5,807 | ​ |  | 18,755 | ​ | ​ | 2,388 | ​ | ​ | 986 | ​ | ​ | 421 | ​ |  | 28,357
2028 | ​ | ​ | 5,807 | ​ | ​ | 19,101 | ​ | ​ | 2,421 | ​ | ​ | 986 | ​ | ​ | 304 | ​ | ​ | 28,619
Thereafter | ​ |  | 429,125 | ​ |  | 4,289,009 | ​ |  | 430,688 | ​ |  | 14,841 | ​ |  | — | ​ |  | 5,163,663
(1) | During the three months ended March 31, 2024 and 2023, the Company recognized $4.6 million and $3.7 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

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