Annual report [Section 13 and 15(d), not S-K Item 405]

INVESTMENT PROPERTIES (Tables)

v3.25.4
INVESTMENT PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Amortization related to the acquired lease intangible assets and liabilities
The following table presents the amortization during the next five years and thereafter related to the lease intangible assets and liabilities for properties owned as of December 31, 2025:
2026
2027
2028
2029
2030
Thereafter
Total
Amortization of:
Above market lease intangibles (a)
$
7,137 
$
7,137 
$
7,137 
$
7,137 
$
7,137 
$
71,374 
$
107,059 
In-place lease intangibles (a)
4,260 
4,260 
4,260 
4,260 
4,260 
42,608 
63,908 
Lease intangible assets, net (b)
$
11,397 
$
11,397 
$
11,397 
$
11,397 
$
11,397 
$
113,982 
$
170,967 
Below market lease intangibles (a)
$
4,412 
$
4,412 
$
4,412 
$
4,412 
$
4,412 
$
44,125 
$
66,185 
Lease intangible liabilities, net (b)
$
4,412 
$
4,412 
$
4,412 
$
4,412 
$
4,412 
$
44,125 
$
66,185 

(a) Represents the portion of the leases in which the Trust is the lessor. The amortization of above market lease intangibles is recorded as a reduction to lease income, and the amortization of below market lease intangibles is recorded as an increase to lease income. The amortization of in-place lease intangibles is recorded to depreciation and amortization expense.

(b) As of December 31, 2025, lease intangible assets, net and lease intangible liabilities, net are presented net of $56,288 and $21,694 of accumulated amortization, respectively. As of December 31, 2024, lease intangible assets, net and lease intangible liabilities, net are presented net of $46,819 and $17,920 of accumulated amortization, respectively.
Amortization expense
Amortization expense for the years ended December 31, 2025, 2024 and 2023 were as follows:
Year Ended December 31,
2025
2024
2023
Amortization of:
In-place lease intangibles
$
4,362 
$
4,633 
$
4,827 
Above market lease intangibles
7,306 
7,555 
7,768 
Below market lease intangibles
4,448 
5,111 
5,561 
Dispositions
The following table summarizes the disposition activity during the year ended December 31, 2025:
Sale Date
Location
Property Type
Ownership
Square Footage (unaudited)
Gross Sales Proceeds
Aggregate Proceeds, Net
Gain (Loss)
5/23/25
Miami, FL
Retail
Ground Leasehold
191 
$
15,576 
$
15,147 
$
6,230 
5/23/25
Pittsburgh, PA
Retail
Fee Simple
182 
5,260
5,080
(110)
9/4/25
New Braunfels, TX
Retail
Fee Simple
104 
4,942
4,820
(1,391)
9/4/25
Houston, TX
Retail
Fee Simple
104 
7,412
7,218
(456)
581 
$
33,190 
$
32,265 
$
4,273 
The following table summarizes the disposition activity during the year ended December 31, 2024:
Sale Date
Location
Property Type
Ownership
Square Footage (unaudited)
Gross Sales Proceeds
Aggregate Proceeds, Net
Gain (Loss)
3/15/24
Transnational Portfolio (1)
Retail
Fee Simple
302 
$
16,459 
$
16,096 
$
1,497 
6/10/24
Roseville, CA
Retail
Fee Simple
167 
13,364
13,113
1,026
9/30/24
Miami, FL
Retail
Fee Simple
150 
12,249
12,107
1,849
10/25/24
Cherry Hill, NJ
Retail
Fee Simple
181 
4,804
4,710
—
(2)
10/25/24
Lynnwood, WA
Retail
Fee Simple
160 
12,894
12,604
554
12/17/24
Thousand Oaks, CA
Retail
Fee Simple
145 
14,642
13,976
5,506
12/18/24
Overland Park, KS
Retail
Fee Simple
107 
2,850
2,781
(751)
1,212 
$
77,262 
$
75,387 
$
9,681 
(1) Portfolio comprised of three Retail Properties located in Newnan, Georgia; Aurora, Colorado and Kissimmee, Florida.
(2) Prior to disposition, this property was reevaluated under the held for use model, and a provision for impairment of $2,081 was recognized (see Note 5).

During the year ended December 31, 2024, net gain on sales of investment properties was $9,605, which includes (i) a gain of $9,681 resulting from the dispositions of Retail Properties during the year (as summarized in the table above), (ii) a gain of $78 in proceeds released from escrow due to a prior year disposition and (iii) $154 of selling expenses from prior year dispositions.
The following table summarizes dispositions for the year ended December 31, 2023:
Sale Date
Location
Property Type
Ownership
Square Footage (unaudited)
Gross Sales Proceeds
Aggregate Proceeds, Net
Gain (Loss)
3/22/23
Temecula, CA
Retail
Fee Simple
125 
$
6,000 
$
5,869 
$
(496)
8/9/23
Katy, TX
Retail
Fee Simple
100 
11,282 
11,029 
2,687 
12/6/23
South Jordan, UT
Retail
Fee Simple
99 
4,475 
4,385 
(579)
324 
$
21,757 
$
21,283 
$
1,612