INTANGIBLE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

As of June 30, 2025 and December 31, 2024, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	June 30, 2025
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	12,863	$	(8,709)	$	4,154
Tenant relationship value	110		(59)		51
Above market leases acquired	75		(58)		17
Total intangible assets, net	$	13,048	$	(8,826)	$	4,222
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	15,038	$	(8,337)	$	6,701

	December 31, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	15,794	$	(10,363)	$	5,431
Tenant relationship value	110		(57)		53
Above market leases acquired	75		(54)		21
Total intangible assets, net	$	15,979	$	(10,474)	$	5,505
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	16,413	$	(9,121)	$	7,292

Schedule of Amortization for Intangible Assets and Liabilities

As of June 30, 2025, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2025 (six months remaining)	$	547	$	327
2026	676		646
2027	570		618
2028	253		533
2029	253		533
Thereafter	1,923		4,044
Total	$	4,222	$	6,701