The following tables summarize the Company’s lease intangible assets (acquired in-place leases and above-market leases) and liabilities (acquired below-market leases, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets), net of accumulated amortization, as of June 30, 2025 and December 31, 2024 (in thousands):


June 30, 2025
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	2,858	$	(1,934	)	$	924
Above-market leases, net		534		(534	)		-
Total	$	3,392	$	(2,468	)	$	924


	Gross			Accumulated
Lease Intangible Liabilities	Liability			Amortization		Balance
Below-market leases, net	$	(1,865	)	$	826	$	(1,039	)
Total	$	(1,865	)	$	826	$	(1,039	)


December 31, 2024
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	2,858	$	(1,838	)	$	1,020
Above-market leases, net	$	534	$	(507	)	$	27
Total	$	3,392	$	(2,345	)	$	1,047


	Gross			Accumulated
Lease Intangible Liabilities	Liability			Amortization		Balance
Below-market leases, net	$	(1,865	)	$	785	$	(1,080	)
Total	$	(1,865	)	$	785	$	(1,080	)

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $7.3 thousand and $12.2 thousand for the three months ended June 30, 2025 and 2024, respectively and $14.6 thousand and $25.7 thousand for the six months ended June 30, 2025 and 2024, respectively. Amortization of an acquired below-market ground lease resulted in additional property expense of $50.7 thousand for the three months ended June 30, 2025 and 2024, respectively and $101.4 thousand for the six months ended June 30, 2025 and 2024, respectively. Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $48.3 thousand and $8.4 thousand for the three months ended June 30, 2025 and 2024 and $96.7 thousand and $27.6 thousand for the six months ended June 30, 2025 and 2024, respectively. Future amortization of these lease intangibles is set forth below (in thousands):


	(Above) / below market leases, net		Below market ground lease		In-place leases
Remainder of 2025	$	42	$	101	$	47
2026		83		203		92
2027		83		203		92
2028		82		203		92
2029		82		203		92
2030		83		203		92
Thereafter		584		8,621		417