v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Intangible Assets and Balance Sheet Classifications

The Company’s intangibles and their balance sheet classifications as of December 31, 2025 and 2024, respectively, are summarized as follows:

 

 

December 31, 2025

 

 

December 31, 2024

 

 

 

Cost

 

 

Accumulated
Amortization

 

 

Cost

 

 

Accumulated
Amortization

 

In-place leases

 

$

415,390

 

 

$

(271,344

)

 

$

418,458

 

 

$

(231,897

)

Intangible lease assets and other assets:

 

 

 

 

 

 

 

 

 

 

 

 

Above-market leases

 

 

254,436

 

 

 

(168,523

)

 

 

260,512

 

 

 

(138,474

)

Tenant relationships

 

 

2,578

 

 

 

(167

)

 

 

2,578

 

 

 

(115

)

Accounts payable and accrued liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Below-market leases

 

 

166,051

 

 

 

(86,416

)

 

 

166,909

 

 

 

(69,303

)
Schedule of Income Tax Provision

The Company recorded an income tax provision as follows:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Current tax provision

 

$

(464

)

 

$

(2,705

)

 

$

(2,177

)

Deferred tax (provision) benefit

 

 

(11

)

 

 

1,650

 

 

 

1,283

 

Income tax provision

 

$

(475

)

 

$

(1,055

)

 

$

(894

)
Summary of Basic and Diluted EPS

The following table presents the calculation of basic and diluted EPS (in thousands, except per share amounts):

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

2023

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

Net income attributable to the Company

 

$

135,967

 

 

$

58,970

 

 

$

6,546

 

Less: Dividends allocable to unvested restricted stock

 

 

(2,089

)

 

 

(1,206

)

 

 

(1,113

)

Net income attributable to common shareholders

 

$

133,878

 

 

$

57,764

 

 

$

5,433

 

Weighted-average basic shares outstanding

 

 

30,343

 

 

 

30,905

 

 

 

31,303

 

Net income per share attributable to common shareholders

 

$

4.41

 

 

$

1.87

 

 

$

0.17

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share (1)

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

133,878

 

 

$

57,764

 

 

$

5,433

 

Weighted-average basic shares outstanding

 

 

30,841

 

 

 

30,962

 

 

 

31,303

 

Net income per share attributable to common shareholders

 

$

4.34

 

 

$

1.87

 

 

$

0.17

 
(1)
For the year ended December 31, 2025, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the year ended December 31, 2025, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the year ended December 31, 2025, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,019,219, including 178,035 contingently issuable shares related to unvested restricted stock awards. For the year ended December 31, 2024, the computation of diluted EPS includes contingently issuable shares related to PSUs calculated under the treasury stock method. For the year ended December 31, 2024, the computation of diluted EPS does not include contingently issuable shares related to unvested restricted stock awards due to their anti-dilutive nature. For the year ended December 31, 2024, had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,092,693, including 130,527 contingently issuable shares related to unvested restricted stock awards. For the year ended December 31, 2023, the computation of diluted EPS does not include contingently issuable shares due to their anti-dilutive nature. Had the contingently issuable shares been dilutive, the denominator for diluted EPS would have been 31,330,597, including 27,434 contingently issuable shares related to unvested restricted stock awards.