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Lease Intangible Assets and Liabilities (Tables) | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Summary of Lease Intangible Assets | 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 |
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 |
Summary of Lease Intangible Liabilities |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Liabilities |  | Liability |  |  | Amortization |  |  | Balance |
Below-market leases, net |  | $ | (1,865 | ) |  | $ | 826 |  |  | $ | (1,039 | )
Total |  | $ | (1,865 | ) |  | $ | 826 |  |  | $ | (1,039 | )
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Liabilities |  | Liability |  |  | Amortization |  |  | Balance |
Below-market leases, net |  | $ | (1,865 | ) |  | $ | 785 |  |  | $ | (1,080 | )
Total |  | $ | (1,865 | ) |  | $ | 785 |  |  | $ | (1,080 | )
Schedule of Future Amortization of Acquired Leases | 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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- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
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