v3.25.3
Real Estate Investments, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Real Estate Investments, Net [Abstract]  
Schedule of Revenue
The following table lists the states where the Company had concentrations of properties where annualized rental income on a straight-line basis represented 10% or more of consolidated annualized rental income on a straight-line basis for all properties as of September 30, 2025 and 2024:
September 30,
State20252024
Florida22.3%21.1%
Georgia11.3%10.2%
Pennsylvania11.0%10.3%
Iowa11.0%*
*    Not greater than 10%.
Schedule of Finite-Lived Intangible Assets
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangible assets, amortization and accretion of above- and below-market lease assets and liabilities, net and the amortization and accretion of above- and below-market ground leases, net, for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
Amortization of in-place leases and other intangible assets (1)
$2,137 $2,834 $6,820 $9,503 
Accretion of above- and below-market leases, net (2)
$(196)$(175)$(393)$(959)
Amortization of above- and below-market ground leases, net (3)
$32 $40 $2,442 $136 
________
(1)Reflected within depreciation and amortization expense.
(2)Reflected within revenue from tenants.
(3)Reflected within property operating and maintenance expense.
Schedule of Projected Amortization Expense
The following table provides the projected amortization expense and adjustments to revenues for the next five years:
(In thousands)2025 (remainder)2026202720282029
In-place lease assets$2,118 $7,298 $5,013 $3,704 $3,259 
Other intangible assets1 4 4 4 3 
Total to be added to amortization expense$2,119 $7,302 $5,017 $3,708 $3,262 
Above-market lease assets$(65)$(239)$(176)$(138)$(73)
Below-market lease liabilities263 925 650 586 545 
Total to be added to revenue from tenants
$198 $686 $474 $448 $472 
Schedule of Impairments Recorded
The following table presents impairment charges by segment recorded during the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands)2025202420252024
OMF
$5,142 $8,829 $7,031 $11,238 
SHOP
1,499 — 26,721 260 
Total impairment charges(1)
$6,641 $8,829 $33,752 $11,498 
(1)Amounts presented for the nine months ended September 30, 2025 primarily relate to held-for-use properties. These properties were impaired to their contractual sales price as determined by their purchase and sale agreements or estimated fair value and were subsequently sold or expected to be sold.