Quarterly report [Sections 13 or 15(d)]

INVESTMENT PROPERTIES

v3.26.1
INVESTMENT PROPERTIES
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
INVESTMENT PROPERTIES INVESTMENT PROPERTIES
As of June 30, 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 June 30, 2026:

Period from July 1 to December 31, 2026
2027
2028
2029
2030
Thereafter
Total
Amortization of:
Above market lease intangibles (a)
$
3,566 
$
7,137 
$
7,137 
$
7,137 
$
7,137 
$
71,374 
$
103,488 
In-place lease intangibles (a)
2,126 
4,260 
4,260 
4,260 
4,260 
42,608 
61,774 
Lease intangible assets, net (b)
$
5,692 
$
11,397 
$
11,397 
$
11,397 
$
11,397 
$
113,982 
$
165,262 
Below market lease intangibles (a)
$
2,206 
$
4,412 
$
4,412 
$
4,412 
$
4,412 
$
44,125 
$
63,979 
Lease intangible liabilities, net (b)
$
2,206 
$
4,412 
$
4,412 
$
4,412 
$
4,412 
$
44,125 
$
63,979 

(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 June 30, 2026, lease intangible assets, net and lease intangible liabilities, net are presented net of $61,993 and $23,900 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 June 30, 2026 and December 31, 2025, the weighted average amortization period for lease intangible assets and lease intangible liabilities was 14.5 years and 15.0 years, respectively.

Lease Intangibles

Amortization of lease intangible assets and lease intangible liabilities for the three and six months ended June 30, 2026 and 2025 were as follows:

Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Amortization of:
In-place lease intangibles
$
1,068 
$
1,089 
$
2,136 
$
2,199 
Above market lease intangibles
1,784 
1,833 
$
3,569 
$
3,705 
Below market lease intangibles
1,102 
1,102 
$
2,207 
$
2,242 
Dispositions

There were no dispositions during the six months ended June 30, 2026.

The following table summarizes the disposition activity during the six months ended June 30, 2025:

Sale Date
Location
Property Type
Ownership
Square Footage
Gross Sales Proceeds
Aggregate Proceeds, Net
Gain (Loss)
5/23/25
Miami, FL
Retail
Ground Leasehold
191 
$
15,576 
$
15,147 
$
6,234 
5/23/25
Pittsburgh, PA
Retail
Fee Simple
182 
5,260 
5,080 
(110)
373 
$
20,836 
$
20,227 
$
6,124 

Held for Sale

As of June 30, 2026 and December 31, 2025, there were no properties classified as held for sale.

Impairment of Investment Properties

For the six months ended June 30, 2026 and 2025, there were no impairment charges recorded.