Acquired Lease Intangible Liabilities, Net (Tables)

3 Months Ended

Mar. 31, 2025

Below Market Lease [Abstract]

Summary of Acquired Lease Intangible Liabilities

Acquired lease intangible liabilities, net is comprised of the following:

	As of March 31,			As of December 31,
	2025			2024
Acquired lessor lease intangible liabilities	$	2,011,964		$	1,468,695
Accumulated accretion to rental income		(517,199	)		(475,573	)
Acquired lessor lease intangible liabilities, net	$	1,494,765		$	993,122
Acquired lessee lease intangible liabilities	$	45,207		$	45,207
Accumulated amortization to offset building expenses		(2,238	)		(2,057	)
Acquired lessee lease intangible liabilities, net	$	42,969		$	43,150

Summary of Future Amortization for Intangible Liabilities

The future amortization for acquired lessor lease intangible liabilities, net for subsequent years ending December 31 is listed below:

	As of March 31,
	2025
2025 (9 months remaining)	$	135,304
2026		166,630
2027		157,449
2028		157,007
2029		104,589
Thereafter		773,786
	$	1,494,765

The future amortization for acquired lessee lease intangible liabilities, net for subsequent years ending December 31 is listed below:

	As of March 31,
	2025
2025 (9 months remaining)	$	549
2026		731
2027		731
2028		731
2029		731
Thereafter		39,496
	$	42,969