XML 49 R34.htm IDEA: XBRL DOCUMENT v3.24.3
Real Estate Owned (Tables)
9 Months Ended
Sep. 30, 2024
Business Combinations [Abstract]  
Schedule of Fair Value of the Assumed Assets and Liabilities on the Acquisition

The Company allocated the fair value of the assumed assets and liabilities on the acquisition date as follows:

 

Fair Value Allocation

 

Land

$

3,858

 

Building and improvements

 

17,071

 

Acquired in-place lease value

 

3,526

 

Acquired above-market lease value

 

31

 

Acquired below-market lease value

 

(451

)

Total

$

24,035

 

Schedule of Real Estate Owned Assets

The following table presents the REO assets as of September 30, 2024:

Land

$

3,858

 

Building and improvements

 

17,074

 

Accumulated depreciation

 

(282

)

Real estate owned, net

$

20,650

 

Schedule of Intangible Assets and Liabilities

The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2024:

 

 

September 30, 2024

 

Intangible assets:

 

 

 

Acquired in-place lease value

 

$

3,526

 

Acquired above-market lease value

 

 

31

 

Accumulated amortization

 

 

(379

)

Acquired lease intangible assets, net

 

$

3,178

 

Intangible liabilities:

 

 

 

Acquired below-market lease value

 

$

451

 

Accumulated amortization

 

 

(24

)

Acquired lease intangible liabilities, net

 

$

427

 

As of September 30, 2024, the weighted-average amortization period for the acquired in-place lease intangibles of the properties acquired during the nine months ended September 30, 2024 was 3.13 years.

Schedule of Amortization Pertaining to Acquired in Place Lease Value, Above Market and Below Market Lease Value

Amortization pertaining to acquired in-place lease value, above-market lease value and below-market lease value is summarized below:

 

Three months ended September 30, 2024

Nine months ended September 30, 2024

 

Amortization recorded as amortization expense:

 

 

 

 

 

Acquired in-place lease value

$

374

 

 

$

374

 

Amortization recorded as a (reduction) increase to rental income:

 

 

 

 

 

Acquired above-market leases

$

(5

)

 

$

(5

)

Acquired below-market leases

 

24

 

 

 

24

 

Net rental income increase

$

19

 

 

$

19

 

 

Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities

Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2024 for each of the five succeeding years and thereafter is as follows:

 

 

In-Place
Leases

 

 

Above-Market Leases

 

 

Below-Market
Leases

 

2024 (remainder of year)

 

$

378

 

 

$

5

 

 

$

24

 

2025

 

 

1,337

 

 

 

18

 

 

 

92

 

2026

 

 

547

 

 

 

4

 

 

 

82

 

2027

 

 

362

 

 

 

 

 

 

75

 

2028

 

 

203

 

 

 

 

 

 

60

 

Thereafter

 

 

324

 

 

 

 

 

 

94

 

Total

 

$

3,151

 

 

$

27

 

 

$

427

 

Schedule of Future Minimum Lease Payments to be Received Under Non-cancelable Operating Leases

The following table presents the future minimum lease payments to be received under non-cancelable operating leases, excluding tenant reimbursements of expenses, and assuming no expiring leases are renewed, as of September 30, 2024:

 

 

Lease Payments

 

2024 (remainder of year)

 

$

739

 

2025

 

 

2,554

 

2026

 

 

1,813

 

2027

 

 

1,422

 

2028

 

 

993

 

Thereafter

 

 

2,033

 

Total

 

$

9,554