REAL ESTATE INVESTMENTS, NET AND INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Real Estate Investments, Net

Real estate investments, net, which consist of land, buildings and improvements leased to others subject to net operating leases and those utilized in the operations of Kerrow Restaurant Operating Business are summarized as follows:

(In thousands)	September 30, 2024			December 31, 2023
Land	$	1,289,751		$	1,240,865
Buildings and improvements		1,646,939			1,572,590
Equipment		136,246			135,966
Total gross real estate investments		3,072,936			2,949,421
Less: Accumulated depreciation		(766,401	)		(738,946	)
Total real estate investments, net		2,306,535			2,210,475
Intangible lease assets, net		118,473			118,027
Total Real Estate Investments and Intangible Lease Assets, Net	$	2,425,008		$	2,328,502

Schedule of Intangible Assets

The following tables detail intangible lease assets and liabilities.

(In thousands)	September 30, 2024			December 31, 2023
Acquired in-place lease intangibles	$	149,757		$	136,940
Above-market leases		13,821			13,821
Finance leases - right of use asset (1)		14,040			14,040
Lease incentives		10,108			8,224
Tenant improvements intangibles		3,605			3,605
Direct lease costs		682			360
Total		192,013			176,990
Less: Accumulated amortization		(73,540	)		(58,963	)
Intangible Lease Assets, Net	$	118,473		$	118,027

(1)See Note 5 - Leases for additional information on finance leases - right of use assets.

Schedule of Intangible Liabilities

(In thousands)	September 30, 2024			December 31, 2023
Below-market leases	$	2,610		$	2,610
Less: Accumulated amortization		(1,570	)		(1,414	)
Intangible Lease Liabilities, Net	$	1,040		$	1,196

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents the estimated impact during the next five years and thereafter related to the amortization of in-place lease intangibles, and above-market and below-market lease intangibles for properties held for investment.

(In thousands)	September 30,
2024 (Three Months)	$	4,468
2025		16,294
2026		14,519
2027		12,138
2028		9,722
Thereafter		38,145
Total Future Amortization	$	95,286