v3.25.4
Real Estate Investments, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Allocation of the Assets Acquired and Liabilities Assumed
The following table presents the allocation of the assets acquired and liabilities assumed during the year ended December 31, 2024 (dollars in thousands):
Year ended December 31, 2024
Real estate investments, at cost:
Land$1,266 
Buildings, fixtures and improvements9,302 
Total tangible assets10,568 
Acquired intangibles:
In-place leases and other intangible assets (1)
2,388 
Market lease and other intangible assets (1)
150 
Total intangible assets and liabilities2,538 
Mortgage notes payable assumed, net(7,500)
Cash paid for real estate investments, including acquisitions$5,606 
__________
(1)Weighted-average remaining amortization periods for in-place leases and above-market leases acquired were both 13.6 years as of December 31, 2024.
Schedule of Geographic Concentrations 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 December 31, 2025, 2024 and 2023:
December 31,
State202520242023
Florida22.3%21.2%19.9%
Pennsylvania11.2%11.6%10.6%
Iowa
11.0%**
Georgia
10.6%10.4%*
__________
*    Not greater than 10%.
Schedule of Acquired Intangible Assets and Liabilities
Acquired intangible assets and liabilities consisted of the following as of the periods presented (dollars in thousands):
December 31, 2025December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted Average Remaining Amortization Period
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Weighted Average Remaining Amortization Period
Intangible assets:
In-place lease intangible assets
$228,208 $194,822 $33,386 5.1 years$260,534 $214,961 $45,573 5.3 years
Above-market lease intangible assets
11,235 10,250 985 4.5 years14,446 12,819 1,627 5.0 years
Other intangible assets7,101 1,087 6,014 63.8 years9,467 1,293 8,174 66.3 years
Total acquired intangible assets$246,544 $206,159 $40,385 6.7 years$284,447 $229,073 $55,374 7.3 years
Intangible liabilities:
Below-market lease intangible liabilities
$19,626 $14,775 $4,851 6.4 years$22,789 $16,664 $6,125 6.9 years
Schedule of Amortization and Accretion Recognized
The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place lease intangible and other intangible assets, amortization and accretion of above- and below-market lease intangible assets and liabilities, net and the amortization of above- and below-market ground leases, for the periods presented (dollars in thousands):
Year ended December 31,
202520242023
Amortization of in-place lease intangible and other intangible assets (1)
$8,940 $12,258 $13,080 
Accretion of above- and below-market lease intangibles, net (2)
(582)(1,420)(1,050)
Amortization of above- and below-market ground leases, net (3)
2,473 176 159 
__________
(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 and adjustments to revenue from tenants for the next five years (dollars in thousands):
20262027202820292030
In-place lease intangible assets
$7,295 $5,009 $3,701 $3,256 $2,605 
Other intangible assets1 1 1 1 — 
Total to be added to amortization expense$7,296 $5,010 $3,702 $3,257 $2,605 
Above-market lease intangible assets
$(239)$(176)$(138)$(73)$(69)
Below-market lease intangible liabilities
925 650 586 545 419 
Total to be added to revenue from tenants$686 $474 $448 $472 $350 
Schedule of Impairments Recorded
The following table presents impairment charges by segment for the periods presented (dollars in thousands):
Year ended December 31,
202520242023
SHOP
$37,882 $13,643 $2,122 
OMF
7,032 11,238 2,554 
Total impairment charges$44,914 $24,881 $4,676