XML 25 R15.htm IDEA: XBRL DOCUMENT
v3.25.3

Intangible Assets and Liabilities | 9 Months Ended
--- | ---
Sep. 30, 2025
Finite-Lived Intangible Assets [Line Items] |
Intangible Assets and Liabilities | 5. INTANGIBLE ASSETS AND LIABILITIES The following is a summary of intangible lease assets and liabilities and related accumulated amortization:
(in thousands) As of September 30, 2025 | Cost |  |  | Accumulated Amortization |  |  | Net Book Value |
Intangible lease assets: |  |  |  |  |  |  |  |
In-place leases and origination costs | $ | 135,196 |  |  | $ | 65,838 |  |  | $ | 69,358 |
Above-market leases |  | 50,135 |  |  |  | 23,987 |  |  |  | 26,148 |
Leasing fees |  | 6,984 |  |  |  | 805 |  |  |  | 6,179 |
Total intangible lease assets | $ | 192,315 |  |  | $ | 90,630 |  |  | $ | 101,685 |
Intangible lease liabilities: |  |  |  |  |  |  |  |
Below-market leases | $ | 26,123 |  |  | $ | 12,073 |  |  | $ | 14,050 |
Total intangible lease liabilities | $ | 26,123 |  |  | $ | 12,073 |  |  | $ | 14,050 |
(in thousands) As of December 31, 2024 | Cost |  |  | Accumulated Amortization |  |  | Net Book Value |
Intangible lease assets: |  |  |  |  |  |  |  |
In-place leases and origination costs | $ | 138,256 |  |  | $ | 60,773 |  |  | $ | 77,483 |
Above-market leases |  | 51,871 |  |  |  | 21,385 |  |  |  | 30,486 |
Leasing fees |  | 7,235 |  |  |  | 336 |  |  |  | 6,899 |
Total intangible lease assets | $ | 197,362 |  |  | $ | 82,494 |  |  | $ | 114,868 |
Intangible lease liabilities: |  |  |  |  |  |  |  |
Below-market leases | $ | 25,607 |  |  | $ | 10,872 |  |  | $ | 14,735 |
Total intangible lease liabilities | $ | 25,607 |  |  | $ | 10,872 |  |  | $ | 14,735 |
The amortization and net adjustment to rental revenue of intangible lease assets and liabilities was as follows:
| Successor |  |  | Predecessor |  |  | Successor |  |  | Predecessor |
| For the three months ended September 30, |  |  | For the nine months ended September 30, |
(in thousands) | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Amortization: |  |  |  |  |  |  |  |  |  |  |
Amortization of in-place leases and leasing fees | $ | 3,643 |  |  | $ | 4,196 |  |  | $ | 13,367 |  |  | $ | 12,632 |
Net adjustment to rental revenue: |  |  |  |  |  |  |  |  |  |  |
Above-market and below-market leases | $ | 652 |  |  | $ | 423 |  |  | $ | 2,304 |  |  | $ | 1,338 |
The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of September 30, 2025 and December 31, 2024 by category are as follows:
Years remaining as at |  | September 30, 2025 |  |  | December 31, 2024 |
In-place leases and origination costs |  |  |  | 9.6 |  |  |  | 9.1 |
Leasing fees |  |  | 11.5 |  |  |  | 12.0 |
Above-market leases |  |  | 7.9 |  |  |  | 8.2 |
Below-market leases |  |  | 10.4 |  |  |  | 10.5 |
The estimated future amortization expense for intangible lease assets, net of intangible lease liabilities, are as follows:
(in thousands) |  |  |  |  | September 30, 2025 |
Remainder of 2025 |  |  |  |  | $ | 4,231 |
2026 |  |  |  |  |  | 16,102 |
2027 |  |  |  |  |  | 13,462 |
2028 |  |  |  |  |  | 10,945 |
2029 |  |  |  |  |  | 9,217 |
2030 |  |  |  |  |  | 6,951 |
Thereafter |  |  |  |  |  | 26,727 |
|  |  |  |  | $ | 87,635 |

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 20 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-20 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 20 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-20 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 38 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-38 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 38 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-38 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 38 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-38 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 38 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-38 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 38 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-38 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 38 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-38 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 18: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-31 Reference 19: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 29 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-29 Reference 20: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-29 Reference 21: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 20 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-20 Reference 22: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-20 Reference 23: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 14 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-14 Reference 24: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 14 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-14 Reference 25: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-14 Reference 26: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-14 Reference 27: http://www.xbrl.org/2003/role/exampleRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479876/805-20-55-14 Reference 28: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482686/350-30-45-1 Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 35: http://www.xbrl.org/2003/role/disclosureRef -Topic 926 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483154/926-20-50-5 + Details
Name: | us-gaap_FiniteLivedIntangibleAssetsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration