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Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale | 6 Months Ended
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Jun. 30, 2025
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
​ |  | June 30, 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 | ​ |  | (49,373) | ​ |  | (46,428)
Total real estate, net | ​ | $ | 691,598 | ​ | $ | 694,543
Real estate-related intangible assets, net | ​ |  | 206,782 | ​ |  | 208,731
Real estate available and held for sale | ​ | ​ | 5,187 | ​ | ​ | 7,233
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale | ​ | $ | 903,567 | ​ | $ | 910,507
​ Real estate-related intangible assets, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30, 2025
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (23,091) | ​ | $ | 162,911
In-place lease assets, net(2) | ​ |  | 70,445 | ​ |  | (27,268) | ​ |  | 43,177
Other intangible assets, net | ​ |  | 750 | ​ |  | (56) | ​ |  | 694
Total | ​ | $ | 257,197 | ​ | $ | (50,415) | ​ | $ | 206,782
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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.
Real estate-related intangible liabilities, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of June 30, 2025
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (6,113) | ​ | $ | 62,505
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 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
​ The amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Three Months Ended June 30, | ​
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 | ​ |  | 884 | ​
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 2 | ​ |  | 2 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Six Months Ended June 30,
Intangible asset |  | Location |  | 2025 |  | 2024
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 1,567 | ​ | $ | 1,567
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 1,191 | ​ |  | 1,760
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 4 | ​ |  | 4
​ 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 six months) | ​ | $ | 2,766
2026 | ​ | ​ | 3,538
2027 | ​ |  | 3,538
2028 | ​ |  | 3,530
2029 | ​ |  | 3,530
(1) | As of June 30, 2025, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 81.5 years.
The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2025 and 2024 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Three Months Ended June 30, | ​
Intangible liability |  | Location |  | 2025 |  | 2024 |
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 208 | ​ | $ | 208 |
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Six Months Ended June 30,
Intangible liability |  | Location |  | 2025 |  | 2024
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 416 | ​ | $ | 416
​ 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 June 30, 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 six months) | ​ | $ | 2,903 | ​ | $ | 9,084 | ​ | $ | 1,163 | ​ | $ | 6,380 | ​ | $ | 211 | ​ | $ | 19,741
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
(2) | During the three months ended June 30, 2025 and 2024, 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 six months ended June 30, 2025 and 2024, the Company recognized $5.2 million and $4.8 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.
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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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