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v3.26.1

REAL ESTATE INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2026
Real Estate [Abstract] |
Schedule of Asset and Rental Income Concentration | As of March 31, 2026 and December 31, 2025, the Company’s real estate portfolio asset concentration (greater than 10% of total assets) was as follows (dollars in thousands):
|  | March 31, 2026 |  | December 31, 2025
Property and Location |  | Net Carrying Value |  | Percentage of Total Assets |  | Net Carrying Value |  | Percentage of Total Assets
KIA retail property, Carson, CA |  | $ | 64,936 |  |  | 13.4 | % |  | $ | 65,202 |  |  | 13.7 | %
During the three months ended March 31, 2026 and 2025, the Company’s rental income concentration (greater than 10% of rental income) was as follows (dollars in thousands):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2026 |  | 2025
Property and Location |  |  |  |  |  |  |  |  |  | Rental Income |  | Percentage of Total Rental Income |  | Rental Income |  | Percentage of Total Rental Income
Lindsay, nine industrial properties - CO (three), OH (two), PA, NC, SC and FL |  |  |  |  |  |  |  |  |  | $ | 1,656 |  |  | 14.2 | % |  | $ | 1,661 |  |  | 14.2 | %
KIA retail property - CA |  |  |  |  |  |  |  |  |  | $ | 1,266 |  |  | 10.8 | % |  | $ | 1,271 |  |  | 10.8 | %
Schedule of Rental Payments for Operating Leases | As of March 31, 2026, the future minimum contractual rent payments due to the Company under the Company’s non-cancellable operating leases are as follows (in thousands):
|  | Amount
April through December 2026 |  | $ | 30,011 |
2027 |  | 40,381 |
2028 |  | 40,800 |
2029 |  | 40,264 |
2030 |  | 40,268 |
Thereafter |  | 473,968 |
|  | $ | 665,692 |
Schedule of Intangible Assets | As of March 31, 2026 and December 31, 2025, intangible assets, net related to the Company’s real estate, excluding any intangible assets, net related to properties classified as held for sale, were as follows (in thousands):
| March 31, 2026 |  | December 31, 2025
| Tenant Origination and Absorption Costs |  | Above-Market Lease Intangibles |  | Below-Market Lease Intangibles |  | Tenant Origination and Absorption Costs |  | Above-Market Lease Intangibles |  | Below-Market Lease Intangibles
Cost | $ | 13,540 |  |  | $ | 1,560 |  |  | $ | (14,408) |  |  | $ | 13,638 |  |  | $ | 1,559 |  |  | $ | (14,408) |
Accumulated amortization | (8,526) |  |  | (404) |  |  | 7,573 |  |  | (9,824) |  |  | (390) |  |  | 7,341 |
Net amount | $ | 5,014 |  |  | $ | 1,156 |  |  | $ | (6,835) |  |  | $ | 3,814 |  |  | $ | 1,169 |  |  | $ | (7,067) |
Schedule of Intangible Assets Amortization | As of March 31, 2026, amortization of intangible assets for each of the next five years and thereafter is expected to be as follows (dollars in thousands):
|  | Tenant Origination and Absorption Costs |  | Above-Market Lease Intangibles |  | Below-Market Lease Intangibles
April through December 2026 |  | $ | 510 |  |  | $ | 41 |  |  | $ | (694) |
2027 |  | 673 |  |  | 54 |  |  | (926) |
2028 |  | 653 |  |  | 54 |  |  | (916) |
2029 |  | 558 |  |  | 54 |  |  | (876) |
2030 |  | 547 |  |  | 54 |  |  | (876) |
Thereafter |  | 2,073 |  |  | 899 |  |  | (2,547) |
|  | $ | 5,014 |  |  | $ | 1,156 |  |  | $ | (6,835) |
Weighted-average remaining amortization period |  | 8.5 years |  | 21.4 years |  | 7.7 years
Schedule of Dispositions and Real Estate Investments Held for Sale | The following table summarizes the major components of assets and liabilities related to real estate investments held for sale as of March 31, 2026 and December 31, 2025 (in thousands):
|  | March 31, 2026 |  | December 31, 2025
Assets related to real estate investments held for sale: |  |  |  |
Land, buildings and improvements |  | $ | 14,649 |  |  | $ | 4,310 |
Tenant origination and absorption costs |  | 1,470 |  |  | — |
Accumulated depreciation and amortization |  | (5,491) |  |  | (409) |
Real estate investments held for sale, net |  | 10,628 |  |  | 3,901 |
Other assets, net |  | 105 |  |  | — |
Total assets related to real estate investments held for sale: |  | $ | 10,733 |  |  | $ | 3,901 |

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