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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, 2025
Real Estate [Abstract] |
Schedule of Real Estate Assets | The Company’s real estate assets consist of the following ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2025 |  | December 31, 2024
Land and land improvements, at cost | ​ | $ | 547,739 | ​ | $ | 547,739
Buildings and improvements, at cost | ​ |  | 193,232 | ​ |  | 193,232
Less: accumulated depreciation | ​ |  | (47,935) | ​ |  | (46,428)
Total real estate, net | ​ | $ | 693,036 | ​ | $ | 694,543
Real estate-related intangible assets, net | ​ |  | 207,350 | ​ |  | 208,731
Real estate available and held for sale | ​ | ​ | 5,894 | ​ | ​ | 7,233
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale | ​ | $ | 906,280 | ​ | $ | 910,507
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, 2025
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (22,307) | ​ | $ | 163,695
In-place lease assets, net(2) | ​ |  | 69,631 | ​ |  | (26,672) | ​ |  | 42,959
Other intangible assets, net | ​ |  | 750 | ​ |  | (54) | ​ |  | 696
Total | ​ | $ | 256,383 | ​ | $ | (49,033) | ​ | $ | 207,350
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
(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, 2025 and 2024 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Three Months Ended March 31, | ​
Intangible asset |  | Location |  | 2025 |  | 2024 | ​
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 784 | ​ | $ | 784 | ​
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 595 | ​ |  | 876 | ​
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
2025 (remaining nine months) | ​ | $ | 4,143
2026 | ​ | ​ | 3,529
2027 | ​ |  | 3,529
2028 | ​ |  | 3,522
2029 | ​ |  | 3,522
(1) | As of March 31, 2025, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 81.4 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, 2025
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (5,904) | ​ | $ | 62,714
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2024
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (5,696) | ​ | $ | 62,922
(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, 2025 and 2024 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Three Months Ended March 31, | ​
Intangible liability |  | Location |  | 2025 |  | 2024 |
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 208 | ​ | $ | 208 |
​
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, 2025, 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 (remaining nine months) | ​ | $ | 4,355 | ​ | $ | 13,603 | ​ | $ | 1,738 | ​ | $ | 9,135 | ​ | $ | 316 | ​ | $ | 29,147
2026 | ​ |  | 5,807 | ​ |  | 18,469 | ​ |  | 2,357 | ​ |  | 7,399 | ​ |  | 421 | ​ |  | 34,453
2027 | ​ |  | 5,807 | ​ |  | 18,856 | ​ |  | 2,388 | ​ | ​ | 7,399 | ​ |  | 421 | ​ |  | 34,871
2028 | ​ |  | 5,807 | ​ |  | 19,203 | ​ | ​ | 2,421 | ​ | ​ | 7,399 | ​ | ​ | 304 | ​ |  | 35,134
2029 | ​ | ​ | 5,807 | ​ | ​ | 19,558 | ​ | ​ | 2,453 | ​ | ​ | 7,399 | ​ | ​ | — | ​ | ​ | 35,217
Thereafter | ​ |  | 423,318 | ​ |  | 4,287,241 | ​ |  | 428,235 | ​ |  | 28,105 | ​ |  | — | ​ |  | 5,166,899
(1) | During the three months ended March 31, 2025 and 2024, the Company recognized $4.9 million and $4.6 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

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