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Lease Intangible Assets and Liabilities | 3 Months Ended
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Mar. 31, 2026
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 condensed consolidated balance sheets), net of accumulated amortization, as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026 |  |  |  |  |  |  |  |  |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Assets |  | Asset |  |  | Amortization |  |  | Balance |
In-place leases, net |  | $ | 294 |  |  | $ | (126 | ) |  | $ | 168 |
Total |  | $ | 294 |  |  | $ | (126 | ) |  | $ | 168 |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Liabilities |  | Liability |  |  | Amortization |  |  | Balance |
Below-market leases, net |  | $ | (1,168 | ) |  | $ | 500 |  |  | $ | (668 | )
Total |  | $ | (1,168 | ) |  | $ | 500 |  |  | $ | (668 | )
December 31, 2025 |  |  |  |  |  |  |  |  |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Assets |  | Asset |  |  | Amortization |  |  | Balance |
In-place leases, net |  | $ | 294 |  |  | $ | (123 | ) |  | $ | 171 |
Total |  | $ | 294 |  |  | $ | (123 | ) |  | $ | 171 |
|  | Gross |  |  | Accumulated |  |  |  |
Lease Intangible Liabilities |  | Liability |  |  | Amortization |  |  | Balance |
Below-market leases, net |  | $ | (1,168 | ) |  | $ | 489 |  |  | $ | (679 | )
Total |  | $ | (1,168 | ) |  | $ | 489 |  |  | $ | (679 | )
Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $11.6 thousand and $7.3 thousand for the three months ended March 31, 2026 and 2025, respectively. Amortization of an acquired below-market ground lease resulted in additional property expense of $50.7 thousand for the three months ended March 31, 2026 and 2025, respectively. Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $2.9 thousand and $48.4 thousand for the three months ended March 31, 2026 and 2025, 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 2026 |  | $ | 35 |  |  | $ | 152 |  |  | $ | 9 |
2027 |  |  | 47 |  |  |  | 203 |  |  |  | 12 |
2028 |  |  | 46 |  |  |  | 203 |  |  |  | 12 |
2029 |  |  | 46 |  |  |  | 203 |  |  |  | 12 |
2030 |  |  | 47 |  |  |  | 203 |  |  |  | 12 |
2031 |  |  | 47 |  |  |  | 203 |  |  |  | 11 |
Thereafter |  |  | 400 |  |  |  | 8,419 |  |  |  | 100 |

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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