INTANGIBLE ASSETS AND LIABILITIES, NET

12 Months Ended

Dec. 31, 2025

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

7. INTANGIBLE ASSETS AND LIABILITIES, NET

The Company’s intangible assets and liabilities, net are summarized as follows:

	December 31, 2025		December 31, 2024
Intangible assets
Acquired favorable lease intangibles	$	17,245	$	70,375
Less: Accumulated amortization	(8,935)		(29,664)
Acquired favorable lease intangibles, net	8,310		40,711
Acquired customer relationships	12,607		1,907
Less: Accumulated amortization	(988)		(413)
Acquired customer relationships, net	11,619		1,494
Total intangible assets, net	$	19,929	$	42,205
Intangible liabilities
Acquired unfavorable lease intangibles	$	7,688	$	13,767
Less: Accumulated amortization	(2,132)		(1,259)
Acquired unfavorable lease intangibles, net	$	5,556	$	12,508

The weighted average amortization period of intangible assets acquired during the year ended December 31, 2025 is as follows:

	Weighted Average Amortization Period
Lease intangibles	3.5 years
Customer relationships	10.5 years
Total intangible assets	7.7 years

Intangible liabilities relate to unfavorable lease intangibles and are included as a component of Other non-current liabilities.

Amortization of intangible assets and liabilities is recorded as follows:

	Classification in Consolidated Statements of Operations	Year Ended December 31,
		2025		2024		2023
Lease intangibles	Lease income	$	6,710	$	15,597	$	15,126
Customer relationships	Depreciation and amortization	603		403		11
Total		$	7,313	$	16,000	$	15,137

As of December 31, 2025, estimated net annual amortization of intangibles is as follows:

2026	$	2,444
2027	1,877
2028	2,436
2029	1,480
2030	1,398
Thereafter	4,738
Total	$	14,373