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 condensed consolidated balance sheets), net of accumulated amortization, as of March 31, 2026 and December 31, 2025 (in thousands):


March 31, 2026
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	294	$	(126	)	$	168
Total	$	294	$	(126	)	$	168


	Gross			Accumulated
Lease Intangible Liabilities	Liability			Amortization		Balance
Below-market leases, net	$	(1,168	)	$	500	$	(668	)
Total	$	(1,168	)	$	500	$	(668	)


December 31, 2025
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	294	$	(123	)	$	171
Total	$	294	$	(123	)	$	171


	Gross			Accumulated
Lease Intangible Liabilities	Liability			Amortization		Balance
Below-market leases, net	$	(1,168	)	$	489	$	(679	)
Total	$	(1,168	)	$	489	$	(679	)

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $11.6 thousand and $7.3 thousand for the three months ended March 31, 2026 and 2025, respectively. Amortization of an acquired below-market ground lease resulted in additional property expense of $50.7 thousand for the three months ended March 31, 2026 and 2025, respectively. Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $2.9 thousand and $48.4 thousand for the three months ended March 31, 2026 and 2025, 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 2026	$	35	$	152	$	9
2027		47		203		12
2028		46		203		12
2029		46		203		12
2030		47		203		12
2031		47		203		11
Thereafter		400		8,419		100