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Lease Intangible Assets and Liabilities | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Lease Intangible Assets and Liabilities | Note 3 – Lease Intangible Assets and Liabilities The following tables summarize the Company’s leas e intangible assets (acquired in-place leases and above-market leases) and liabilities (acquired below-market leases, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets), net of accumulated amortization, as of June 30, 2025 and December 31, 2024 (in thousands):
June 30, 2025 |  |  |  |  |  |  |  |  |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Assets |  | Asset |  |  | Amortization |  |  | Balance |
In-place leases, net |  | $ | 2,858 |  |  | $ | (1,934 | ) |  | $ | 924 |
Above-market leases, net |  |  | 534 |  |  |  | (534 | ) |  |  | - |
Total |  | $ | 3,392 |  |  | $ | (2,468 | ) |  | $ | 924 |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Liabilities |  | Liability |  |  | Amortization |  |  | Balance |
Below-market leases, net |  | $ | (1,865 | ) |  | $ | 826 |  |  | $ | (1,039 | )
Total |  | $ | (1,865 | ) |  | $ | 826 |  |  | $ | (1,039 | )
December 31, 2024 |  |  |  |  |  |  |  |  |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Assets |  | Asset |  |  | Amortization |  |  | Balance |
In-place leases, net |  | $ | 2,858 |  |  | $ | (1,838 | ) |  | $ | 1,020 |
Above-market leases, net |  | $ | 534 |  |  | $ | (507 | ) |  | $ | 27 |
Total |  | $ | 3,392 |  |  | $ | (2,345 | ) |  | $ | 1,047 |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Liabilities |  | Liability |  |  | Amortization |  |  | Balance |
Below-market leases, net |  | $ | (1,865 | ) |  | $ | 785 |  |  | $ | (1,080 | )
Total |  | $ | (1,865 | ) |  | $ | 785 |  |  | $ | (1,080 | )
Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $7.3 thousand and $12.2 thousand for the three months ended June 30, 2025 and 2024, respectively and $14.6 thousand and $25.7 thousand for the six months ended June 30, 2025 and 2024, respectively. Amortization of an acquired below-market ground lease resulted in additional property expense of $50.7 thousand for the three months ended June 30, 2025 and 2024, respectively and $101.4 thousand for the six months ended June 30, 2025 and 2024, respectively. Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $48.3 thousand and $8.4 thousand for the three months ended June 30, 2025 and 2024 and $96.7 thousand and $27.6 thousand for the six months ended June 30, 2025 and 2024, respectively. Future amortization of these lease intangibles is set forth below (in thousands):
|  | (Above) / below market leases, net |  |  | Below market ground lease |  |  | In-place leases |
Remainder of 2025 |  | $ | 42 |  |  | $ | 101 |  |  | $ | 47 |
2026 |  |  | 83 |  |  |  | 203 |  |  |  | 92 |
2027 |  |  | 83 |  |  |  | 203 |  |  |  | 92 |
2028 |  |  | 82 |  |  |  | 203 |  |  |  | 92 |
2029 |  |  | 82 |  |  |  | 203 |  |  |  | 92 |
2030 |  |  | 83 |  |  |  | 203 |  |  |  | 92 |
Thereafter |  |  | 584 |  |  |  | 8,621 |  |  |  | 417 |

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