Intangibles (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Gross Carrying Amount and Accumulated Amortization

The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of the dates indicated ($ in thousands):

	September 30, 2024			December 31, 2023
Intangible assets:
In-place lease intangibles	$	36,313		$	26,363
Above-market lease intangibles		1,338			325
Total intangible assets		37,651			26,688
Accumulated amortization:
In-place lease amortization		(3,617	)		(937	)
Above-market lease amortization		(94	)		(17	)
Total real estate intangible assets, net	$	33,940		$	25,734
Intangible liabilities
Below-market lease intangibles	$	(10,855	)	$	(10,855	)
Total intangible liabilities		(10,855	)		(10,855	)
Accumulated amortization:
Below-market lease amortization		817			226
Total real estate intangible liabilities, net	$	(10,038	)	$	(10,629	)

Summary of Estimated Future Amortization

The estimated future amortization on the Company's intangibles for each of the next five years and thereafter as of September 30, 2024, is as follows ($ in thousands):

	In-Place Lease Intangibles		Above-Market Intangibles		Below-Market Intangibles
2024 (remaining)		1,047		44		(194	)
2025		3,493		178		(775	)
2026		3,493		178		(775	)
2027		3,493		178		(775	)
2028		3,475		178		(766	)
Thereafter		17,695		488		(6,753	)
	$	32,696	$	1,244	$	(10,038	)