Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the Company’s intangible assets and liabilities:


As of	Gross Asset (Liability)		Accumulated Amortization		Net Carrying Amount
			(in thousands)
September 30, 2025:
In-place lease intangibles	$	58,679	$	(44,153)	$	14,526
Above-market leases	842		(587)		255
Other intangibles	(1,139)		501		(638)
Below-market leases	(35,355)		15,462		(19,893)

December 31, 2024:
In-place lease intangibles	$	51,630	$	(38,994)	$	12,636
Above-market leases	795		(490)		305
Other intangibles	(1,262)		523		(739)
Below-market leases	(29,069)		12,898		(16,171)

Amortization of in-place lease intangibles was $1.8 million and $5.3 million for the three and nine months ended September 30, 2025, respectively, and $2.0 million and $5.8 million for the three and nine months ended September 30, 2024, respectively. This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive Income.

Amortization of acquired above-market leases was $0.03 million and $0.1 million for the three and nine months ended September 30, 2025, respectively, and $0.04 million and $0.1 million for the three and nine months ended September 30, 2024, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income. Amortization of other intangibles was $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and is included in "Rental income" in the Consolidated Statements of Operations and Comprehensive Income. Amortization of acquired below-market leases was $0.9 million and $2.6 million for the three and nine months ended September 30, 2025, respectively, and $0.8 million and $2.3 million for the three and nine months ended September 30, 2024, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income.

Future amortization/accretion of these intangibles is below (in thousands):


Year Ending December 31,	In-place lease intangibles		Above-market leases		Other intangibles		Below-market leases
2025-Remaining	$	1,715	$	31	$	(63)	$	(892)
2026	5,275		104		(233)		(3,182)
2027	3,077		59		(141)		(2,558)
2028	1,923		33		(74)		(2,153)
2029	1,237		23		(58)		(1,863)
Thereafter	1,299		5		(69)		(9,245)
Total	$	14,526	$	255	$	(638)	$	(19,893)