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Real Estate Investments and Related Intangibles (Tables) | 6 Months Ended
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Jun. 30, 2026
Real Estate [Abstract] |
Schedule of Fair Values of the Assets Acquired and Liabilities Assumed | The following table presents the allocation of the purchase consideration and capitalized transaction costs to the assets acquired and liabilities assumed based on their relative fair values during the six months ended June 30, 2026 (in thousands):
Real estate investment, at cost: |  |  |  |
Land |  | $ | 2,724 |  |  |
Building, fixtures and improvements |  | 5,041 |  |  |
Total real estate investment, at cost |  | 7,765 |  |  |
Acquired intangible assets: |  |  |  |
Intangible lease asset |  | 6,421 |  |  |
Net assets acquired |  | $ | 14,186 |  |  |
Schedule of Property Dispositions | The following table summarizes the Company’s property dispositions during the periods indicated below (dollars in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Total dispositions |  | 8 |  |  | 4 |  |  | 10 |  |  | 4 |
Aggregate gross sales price |  | $ | 70,600 |  |  | $ | 26,930 |  |  | $ | 83,700 |  |  | $ | 26,930 |
Gain on disposition of real estate assets |  | $ | 28,826 |  |  | $ | 891 |  |  | $ | 28,826 |  |  | $ | 891 |
Property count |  | 8 |  |  | 3 |  |  | 10 |  |  | 3 |
Impairments on disposition of real estate assets |  | $ | — |  |  | $ | 1,165 |  |  | $ | — |  |  | $ | 1,165 |
Property count |  | — |  |  | 1 |  |  | — |  |  | 1 |
Schedule of Intangible Lease Assets and Liabilities | Intangible lease assets and liabilities consisted of the following as of the dates indicated below (in thousands, except weighted average useful life as of June 30, 2026):
|  | Weighted Average Useful Life (Years) |  | June 30, 2026 |  | December 31, 2025
Intangible lease assets: |  |  |  |  |  |
In-place leases, net of accumulated amortization of $149,712 and $152,989, respectively |  | 11.5 |  | $ | 40,059 |  |  | $ | 43,906 |
Leasing commissions, net of accumulated amortization of $7,776 and $7,522, respectively |  | 12.5 |  | 28,958 |  |  | 25,171 |
Above-market lease assets, net of accumulated amortization of $12,584 and $12,451, respectively |  | 13.3 |  | 797 |  |  | 1,194 |
Deferred lease incentives, net of accumulated amortization of $1,563 and $1,295, respectively |  | 12.3 |  | 8,058 |  |  | 5,676 |
Total intangible lease assets, net |  |  |  | $ | 77,872 |  |  | $ | 75,947 |
Intangible lease liabilities: |  |  |  |  |  |
Below-market lease liabilities, net of accumulated amortization of $21,231 and $20,211, respectively |  | 15.3 |  | $ | 17,429 |  |  | $ | 18,449 |
Schedule of Amortization Expenses | The following table summarizes amortization recognized on the Company’s intangible lease assets and liabilities during the periods indicated below (in thousands):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Amortization of in-place leases and leasing commissions included in depreciation and amortization expense |  | $ | 5,392 |  |  | $ | 6,692 |  |  | $ | 10,670 |  |  | $ | 14,425 |
Amortization of above-market lease assets and below-market lease liabilities included as a net increase to rental revenue |  | $ | 312 |  |  | $ | 321 |  |  | $ | 624 |  |  | $ | 675 |
Amortization of deferred lease incentives included as a net decrease to rental revenue |  | $ | 221 |  |  | $ | 115 |  |  | $ | 383 |  |  | $ | 219 |
Schedule of Future Amortization Expense of Intangible Lease Assets and Liabilities | The following table provides the projected amortization expense and adjustments to rental revenue related to the intangible lease assets and liabilities for the next five years as of June 30, 2026 (in thousands):
|  | Remainder of 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | 2031
In-place leases: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be included in amortization expense |  | $ | 6,453 |  |  | $ | 7,944 |  |  | $ | 5,902 |  |  | $ | 3,182 |  |  | $ | 2,761 |  |  | $ | 2,387 |
Leasing commissions: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be included in amortization expense |  | $ | 1,653 |  |  | $ | 3,258 |  |  | $ | 2,961 |  |  | $ | 2,669 |  |  | $ | 2,643 |  |  | $ | 2,581 |
Above-market lease assets: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be deducted from rental revenue |  | $ | 284 |  |  | $ | 237 |  |  | $ | 115 |  |  | $ | 63 |  |  | $ | 63 |  |  | $ | 34 |
Deferred lease incentives: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be deducted from rental revenue |  | $ | 404 |  |  | $ | 808 |  |  | $ | 795 |  |  | $ | 784 |  |  | $ | 781 |  |  | $ | 779 |
Below-market lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Total projected to be added to rental revenue |  | $ | 908 |  |  | $ | 1,766 |  |  | $ | 1,682 |  |  | $ | 1,500 |  |  | $ | 1,425 |  |  | $ | 1,135 |
Schedule of Company's Investment in Joint Venture | The following is a summary of the Company’s investment in the Unconsolidated Joint Venture, as of the dates and for the periods indicated below (dollars in thousands):
|  | Ownership % (1) |  | Number of Properties |  | Carrying Value of Investment |  | Equity in Loss of Unconsolidated Joint Venture, Net
|  |  |  |  | Six Months Ended
Investment |  | June 30, 2026 |  | June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | June 30, 2025
Unconsolidated Joint Venture |  | 20% |  | 6 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (517) |
____________________________________ (1)The Company’s ownership interest reflects its legal ownership interest. The Company’s legal ownership interest may, at times, not equal the Company’s economic interest because of various provisions in the joint venture agreement regarding capital contributions, distributions of cash flow based on capital account balances and allocations of profits and losses. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interest.

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