Acquired Lease Intangible Liabilities, Net (Tables)

6 Months Ended

Jun. 30, 2025

Below Market Lease [Abstract]

Summary of Acquired Lease Intangible Liabilities

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

	As of June 30,			As of December 31,
	2025			2024
Acquired lessor lease intangible liabilities	$	1,992,100		$	1,468,695
Accumulated accretion to rental income		(548,992	)		(475,573	)
Acquired lessor lease intangible liabilities, net	$	1,443,108		$	993,122
Acquired lessee lease intangible liabilities	$	45,207		$	45,207
Accumulated amortization to offset building expenses		(2,421	)		(2,057	)
Acquired lessee lease intangible liabilities, net	$	42,786		$	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 June 30,
	2025
2025 (6 months remaining)	$	90,929
2026		164,290
2027		158,548
2028		158,105
2029		105,688
Thereafter		765,548
	$	1,443,108

The amortization for acquired lessee lease intangible liabilities for the three and six months ended June 30, 2025 and 2024 was $183 and $366, respectively. The future amortization for acquired lessee lease intangible liabilities, net for subsequent years ending December 31 is listed below:

	As of June 30,
	2025
2025 (6 months remaining)	$	366
2026		731
2027		731
2028		731
2029		731
Thereafter		39,496
	$	42,786