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

3 Months Ended

Mar. 31, 2025

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)	March 31, 2025			December 31, 2024
Land	$	1,398,659		$	1,360,772
Buildings and improvements		1,720,273			1,701,522
Equipment		135,748			136,350
Total gross real estate investments		3,254,680			3,198,644
Less: accumulated depreciation		(784,943	)		(775,505	)
Real estate investments, net		2,469,737			2,423,139
Intangible real estate assets, net		119,932			123,613
Total Real Estate Investments and Intangible Real Estate Assets, Net	$	2,589,669		$	2,546,752

Schedule of Intangible Assets

The following tables detail intangible real estate assets and liabilities.

(In thousands)	March 31, 2025			December 31, 2024
Acquired in-place lease intangibles	$	160,855		$	159,693
Finance lease - right of use assets		14,040			14,040
Above-market leases		13,821			13,821
Lease incentives		10,108			10,108
Tenant improvements intangible		3,605			3,605
Direct lease cost		702			702
Total		203,131			201,969
Less: accumulated amortization		(83,199	)		(78,356	)
Intangible Real Estate Assets, Net	$	119,932		$	123,613

Schedule of Intangible Liabilities

(In thousands)	March 31, 2025			December 31, 2024
Below-market leases	$	2,610		$	2,610
Less: Accumulated amortization		(1,672	)		(1,621	)
Intangible Real Estate Liabilities, Net	$	938		$	989

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table presents the estimated net 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)	March 31,
2025 (Nine Months)	$	12,862
2026		15,659
2027		13,277
2028		10,815
2029		8,736
Thereafter		35,900
Total Future Amortization	$	97,249