INTANGIBLE ASSETS AND LIABILITIES, NET

3 Months Ended

Mar. 31, 2026

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

5. INTANGIBLE ASSETS AND LIABILITIES, NET

Intangible assets and liabilities, net are summarized as follows:

	March 31, 2026 (unaudited)		December 31, 2025
Intangible assets
Acquired favorable lease intangibles	$	4,322	$	17,245
Less: Accumulated amortization	(2,689)		(8,935)
Acquired favorable lease intangibles, net	1,633		8,310
Acquired customer relationships	12,607		12,607
Less: Accumulated amortization	(1,368)		(988)
Acquired customer relationships, net	11,239		11,619
Total intangible assets, net	$	12,872	$	19,929
Intangible liabilities
Acquired unfavorable lease intangibles	$	5,970	$	7,688
Less: Accumulated amortization	(2,106)		(2,132)
Acquired unfavorable lease intangibles, net	$	3,864	$	5,556

The weighted average amortization period of intangible assets acquired during the three months ended March 31, 2026 is as follows:

	Weighted Average Amortization Period
Lease intangibles	2.6 years
Customer relationships	10.4 years
Total intangible assets	7.9 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 (unaudited):

	Classification in Consolidated Statements of Operations	Three Months Ended March 31,
		2026		2025
Lease intangibles	Lease income	$	337	$	3,206
Customer relationships	Depreciation and amortization	378		95
Total		$	715	3,301

As of March 31, 2026, estimated net annual amortization of intangibles is as follows (unaudited):

Remainder of 2026	$	561
2027	356
2028	989
2029	1,161
2030	1,097
Thereafter	4,844
Total	$	9,008