Quarterly report [Sections 13 or 15(d)]

INVESTMENT PROPERTIES

v3.26.1
INVESTMENT PROPERTIES
 3 Months Ended
Mar. 31, 2026
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of March 31, 2026, the Trust's real estate portfolio consisted of 117 Retail Properties across 35 U.S. states and Puerto Rico.

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 March 31, 2026:

Period from April 1 to December 31, 2026
2027
2028
2029
2030
Thereafter
Total
Amortization of:
Above market lease intangibles (a)
$
5,351 
$
7,137 
$
7,137 
$
7,137 
$
7,137 
$
71,374 
$
105,273 
In-place lease intangibles (a)
3,193 
4,260 
4,260 
4,260 
4,260 
42,608 
62,841 
Lease intangible assets, net (b)
$
8,544 
$
11,397 
$
11,397 
$
11,397 
$
11,397 
$
113,982 
$
168,114 
Below market lease intangibles (a)
$
3,309 
$
4,412 
$
4,412 
$
4,412 
$
4,412 
$
44,125 
$
65,082 
Lease intangible liabilities, net (b)
$
3,309 
$
4,412 
$
4,412 
$
4,412 
$
4,412 
$
44,125 
$
65,082 

(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 March 31, 2026, lease intangible assets, net and lease intangible liabilities, net are presented net of $59,141 and $22,797 of accumulated amortization, respectively. 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 March 31, 2026 and December 31, 2025, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 14.8 years and 15.0 years, respectively.

Lease Intangibles

Amortization of lease intangible assets and lease intangible liabilities for the three months ended March 31, 2026 and 2025 were as follows:
Three Months Ended March 31,
2026
2025
Amortization of:
In-place lease intangibles
$
1,068 
$
1,109 
Above market lease intangibles
1,784 
1,872 
Below market lease intangibles
1,103 
1,139 

Dispositions

There were no dispositions during the three months ended March 31, 2026 and 2025.

Held for Sale

As of March 31, 2026 and 2025, there were no properties classified as held for sale.

Impairment of Investment Properties

For the three months ended March 31, 2026 and 2025, there were no impairment charges recorded.