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Real Estate Held For Investment and Lease Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Summary of Company Allocated Purchase Price of Properties to Fair Values of Assets and Liabilities Assumed | The Company allocated the purchase price of these properties to the fair values of the assets and liabilities assumed, which is summarized in the following table:
(in thousands) | September 30, 2025 |  | December 31, 2024 |
Land | $ | 20,512 |  | $ | 28,597 |
Buildings |  | 49,653 |  |  | 51,138 |
Site improvements |  | 4,480 |  |  | 8,423 |
Other assets |  | 122 |  |  | 340 |
Intangible assets: |  |  |  |
Above-market leases |  | 2,241 |  |  | 7,311 |
In-place leases and origination costs |  | 9,422 |  |  | 10,846 |
|  | 86,430 |  |  | 106,655 |
Liabilities assumed: |  |  |  |
Below-market leases intangible liabilities |  | (2,488 | ) |  | (1,649 | )
Accounts payable and accrued liabilities |  | (145 | ) |  | (822 | )
Purchase price (including acquisition costs) | $ | 83,797 |  | $ | 104,184 |
Summary of Depreciation Expense on Real Estate Held for Investment | The depreciation expense on real estate held for investment 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 |
Depreciation |  | $ | 3,607 |  |  | $ | 2,923 |  |  | $ | 10,957 |  |  | $ | 8,783 |
Summary of Rental Revenue | The following table summarizes amounts reported as rental revenues on the accompanying condensed consolidated statements of operations and comprehensive income (loss):
|  | Successor |  |  | Predecessor |  |  | Successor |  |  | Predecessor |
|  | For the three months ended September 30, |  |  | For the nine months ended September 30, |
(in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Rental revenues: |  |  |  |  |  |  |  |  |  |  |  |
Contractual rental amounts billed |  | $ | 15,325 |  |  | $ | 12,678 |  |  | $ | 45,863 |  |  | $ | 38,569 |
Recovery income |  |  | 1,804 |  |  |  | 1,293 |  |  |  | 5,904 |  |  |  | 4,418 |
Adjustment to recognize contractual rental amounts on a straight-line basis |  |  | 52 |  |  |  | 187 |  |  |  | 460 |  |  |  | 964 |
Variable rental amounts earned |  |  | 73 |  |  |  | 798 |  |  |  | 283 |  |  |  | 1,547 |
Above/below market lease amortization, net |  |  | (652 | ) |  |  | (423 | ) |  |  | (2,304 | ) |  |  | (1,338 | )
Total rental revenues |  | $ | 16,602 |  |  | $ | 14,533 |  |  | $ | 50,206 |  |  | $ | 44,160 |
Summary of Total Estimated Future Minimum Rents to be Received Under Non-cancelable Leases | Total estimated future minimum rents to be received under non-cancelable leases in effect as of September 30, 2025, are as follows:
(in thousands) |  |  |  |  | September 30, 2025 |
Remainder of 2025 |  | $ | 14,943 |
2026 |  |  | 59,399 |
2027 |  |  | 55,616 |
2028 |  |  | 50,392 |
2029 |  |  | 46,619 |
2030 |  |  | 41,575 |
Thereafter |  |  | 235,444 |
|  | $ | 503,988 |

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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
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- Definition Tabular disclosure of asset acquired and liability assumed in business combination and recognized at acquisition date. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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