Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net

Intangible Assets, Net

8.          Intangible Assets, Net

The following is a summary of the intangible assets, net:

	December 31, 2024						December 31, 2023
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(In thousands)
Lease intangible assets:
In-place leases	$	7,799	$	(6,330)	$	1,469	$	14,767	$	(9,874)	$	4,893
Above-market real estate leases		528		(481)		47		5,321		(4,580)		741
		8,327		(6,811)		1,516		20,088		(14,454)		5,634
Other identified intangible assets:
Wireless spectrum licenses		25,780		—		25,780		25,780		—		25,780
Option to enter into ground lease		17,090		—		17,090		17,090		—		17,090
Management and leasing contracts		43,600		(40,986)		2,614		43,600		(35,488)		8,112
		86,470		(40,986)		45,484		86,470		(35,488)		50,982
Total intangible assets, net	$	94,797	$	(47,797)	$	47,000	$	106,558	$	(49,942)	$	56,616

The following is a summary of amortization expense related to lease and other identified intangible assets:

	Year Ended December 31,
	2024		2023		2022
	(In thousands)
In-place lease amortization (1)	$	1,350	$	4,972	$	8,594
Above-market real estate lease amortization (2)		569		720		738
Management and leasing contract amortization (1)		5,499		5,590		5,905
Total amortization expense related to lease and other identified intangible assets	$	7,418	$	11,282	$	15,237

(1) Amounts are included in "Depreciation and amortization expense" in our consolidated statements of operations.

(2) Amounts are included in "Property rental revenue" in our consolidated statements of operations.

The following is a summary of the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2024:

Year ending December 31,	Amount
	(In thousands)
2025	$	2,738
2026		664
2027		281
2028		174
2029		41
Thereafter		232
Total (1)	$	4,130

(1) Estimated amortization related to the option to enter into ground lease is excluded from the amortization table above as the ground lease does not have a definite start date. Additionally, the wireless spectrum licenses are excluded from the amortization table as they are indefinite-lived intangible assets.