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Real Estate Held For Investment and Lease Arrangements (Tables)

9 Months Ended

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