Acquired Lease Intangible Liabilities, Net (Tables)

9 Months Ended

Sep. 30, 2025

Below Market Lease [Abstract]

Summary of Acquired Lease Intangible Liabilities

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

	As of September 30,			As of December 31,
	2025			2024
Acquired lessor lease intangible liabilities	$	2,011,964		$	1,468,695
Accumulated accretion to rental income		(608,575	)		(475,573	)
Acquired lessor lease intangible liabilities, net	$	1,403,389		$	993,122
Acquired lessee lease intangible liabilities	$	45,207		$	45,207
Accumulated amortization to offset building expenses		(2,603	)		(2,057	)
Acquired lessee lease intangible liabilities, net	$	42,604		$	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 September 30,
	2025
2025 (3 months remaining)	$	47,772
2026		167,728
2027		158,548
2028		158,105
2029		105,688
Thereafter		765,548
	$	1,403,389

The amortization for acquired lessee lease intangible liabilities for both the three and nine months ended September 30, 2025 and 2024 was $183 and $549, respectively. The future amortization for acquired lessee lease intangible liabilities, net for subsequent years ending December 31 is listed below:

	As of September 30,
	2025
2025 (3 months remaining)	$	183
2026		731
2027		731
2028		731
2029		731
Thereafter		39,497
	$	42,604