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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, 2024
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, 2024 |  | December 31, 2023
Land and land improvements, at cost | ​ | $ | 547,739 | ​ | $ | 551,105
Buildings and improvements, at cost | ​ |  | 193,232 | ​ |  | 193,232
Less: accumulated depreciation | ​ |  | (46,428) | ​ |  | (40,400)
Total real estate, net | ​ | $ | 694,543 | ​ | $ | 703,937
Real estate-related intangible assets, net | ​ |  | 208,731 | ​ |  | 211,113
Real estate available and held for sale | ​ | ​ | 7,233 | ​ | ​ | 9,711
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale | ​ | $ | 910,507 | ​ | $ | 924,761
​ Real estate-related intangible assets, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2024
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (21,524) | ​ | $ | 164,478
In-place lease assets, net(2) | ​ |  | 69,631 | ​ |  | (26,076) | ​ |  | 43,555
Other intangible assets, net | ​ |  | 750 | ​ |  | (52) | ​ |  | 698
Total | ​ | $ | 256,383 | ​ | $ | (47,652) | ​ | $ | 208,731
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.
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, 2024, 2023 and 2022 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Years Ended December 31,
Intangible asset |  | Location | ​ | 2024 |  | 2023 |  | 2022
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 3,135 | ​ | $ | 3,135 | ​ | $ | 3,135
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 3,526 | ​ |  | 3,540 | ​ |  | 3,576
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
2025 | ​ | $ | 5,524
2026 | ​ | ​ | 3,529
2027 | ​ |  | 3,529
2028 | ​ |  | 3,522
2029 | ​ |  | 3,522
(1) | As of December 31, 2024, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 81.3 years.
Real estate-related intangible liabilities, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2024
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (5,696) | ​ | $ | 62,922
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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.
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, 2024, 2023 and 2022 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Years Ended December 31,
Intangible liability |  | Location |  | 2024 |  | 2023 |  | 2022
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 833 | ​ | $ | 837 | ​ | $ | 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, 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
2025 | ​ | $ | 5,807 | ​ | $ | 18,004 | ​ | $ | 2,313 | ​ | $ | 11,889 | ​ | $ | 421 | ​ | $ | 38,434
2026 | ​ |  | 5,807 | ​ |  | 18,370 | ​ |  | 2,357 | ​ |  | 7,399 | ​ |  | 421 | ​ |  | 34,354
2027 | ​ |  | 5,807 | ​ |  | 18,755 | ​ |  | 2,388 | ​ | ​ | 7,399 | ​ |  | 421 | ​ |  | 34,770
2028 | ​ |  | 5,807 | ​ |  | 19,101 | ​ | ​ | 2,421 | ​ | ​ | 7,399 | ​ | ​ | 304 | ​ |  | 35,032
2029 | ​ | ​ | 5,807 | ​ | ​ | 19,453 | ​ | ​ | 2,453 | ​ | ​ | 7,399 | ​ | ​ | — | ​ | ​ | 35,112
Thereafter | ​ |  | 423,318 | ​ |  | 4,269,555 | ​ |  | 428,235 | ​ |  | 28,105 | ​ |  | — | ​ |  | 5,149,213
(1) | The tenant under a master lease relating to five hotel assets elected to extend the leases underlying three of the five hotels past the initial lease maturity of December 2025.
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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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: 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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