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Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2024

Intangible Assets, Net

Schedule of 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

Schedule of intangible assets amortization expense

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.

Schedule of finite-lived intangible assets, future amortization expense

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.