Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Intangible Assets and Liabilities

As of December 31, 2024 and 2023, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands):


	December 31, 2024						December 31, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
In-place leases	$	203,386	$	(111,927)	$	91,459	$	143,444	$	(93,476)	$	49,968
Above-market leases	5,089		(3,723)		1,366		3,885		(3,463)		422
Below-market leases	(185,995)		69,453		(116,542)		(137,047)		52,329		(84,718)
Total	$	22,480	$	(46,197)	$	(23,717)	$	10,282	$	(44,610)	$	(34,328)

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Projected net amortization of the intangible assets and liabilities for the next five years and thereafter as of December 31, 2024 is as follows (dollars in thousands):


2025	$	3,339
2026	807
2027	(1,039)
2028	(1,626)
2029	(2,947)
Thereafter	(22,251)
Total	$	(23,717)

Schedule of Depreciation and Useful Lives of Real Estate and Intangible Assets

The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities.


Description						Standard Depreciable Life
Land						Not depreciated
Building						40 years
Building Improvements						5-40 years
Tenant Improvements						Shorter of lease term or useful life
Leasing Costs						Lease term
In-place Leases						Lease term
Above/Below-Market Leases						Lease term

Schedule of Cash and Cash Equivalents and Restricted Cash

The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands):


	For the Year Ended December 31,
	2024		2023		2022
Beginning
Cash and cash equivalents at beginning of year	$	165,400	$	26,393	$	204,404
Restricted cash	836		1,690		397
Cash and cash equivalents and restricted cash	166,236		28,083		204,801
Ending
Cash and cash equivalents at end of year	18,070		165,400		26,393
Restricted cash	282		836		1,690
Cash and cash equivalents and restricted cash	18,352		166,236		28,083
Net (decrease) increase in cash and cash equivalents and restricted cash	$	(147,884)	$	138,153	$	(176,718)

Schedule of Cash and Cash Equivalents and Restricted Cash

The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands):


	For the Year Ended December 31,
	2024		2023		2022
Beginning
Cash and cash equivalents at beginning of year	$	165,400	$	26,393	$	204,404
Restricted cash	836		1,690		397
Cash and cash equivalents and restricted cash	166,236		28,083		204,801
Ending
Cash and cash equivalents at end of year	18,070		165,400		26,393
Restricted cash	282		836		1,690
Cash and cash equivalents and restricted cash	18,352		166,236		28,083
Net (decrease) increase in cash and cash equivalents and restricted cash	$	(147,884)	$	138,153	$	(176,718)