ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Asset Acquisition

The Acquisition was accounted for as an asset acquisition in accordance with ASC 805, Business Combinations, which requires that the cost of an acquisition is allocated on a relative fair value basis to the assets acquired and the liabilities assumed. The following table summarizes the fair value of total consideration transferred in the Acquisition (dollars in thousands):

Cash paid to Target shareholders	$	595,420
Cash paid to Investment Manager	6,786
Transaction costs capitalized	20,706
Total Consideration	$	622,912

The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed (dollars in thousands):

Real estate investments	$	851,328
Cash and cash equivalents	8,856
Prepaid expenses and other assets	53,578
Accounts and other receivables	20
Accounts payable, accrued liabilities and deferred rent liabilities	(37,063)
Secured notes payable	(99,788)
Secured revolving credit facilities	(154,019)
Fair value of net assets acquired	$	622,912

Schedule of Weighted Average Remaining Useful Lives

The average remaining useful lives for real estate assets, excluding land, were reset to the following:

	Average Useful Life (years)
Buildings	40
Site improvements	15
Above-market leases	22
Below-market leases	23
In-place leases	20