Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following (in thousands):

	December 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Assets:
In-place leases	$	228,508	$	(77,628)	$	150,880	$	203,104	$	(60,729)	$	142,375
Above-market leases	22,696		(6,567)		16,129		19,644		(5,500)		14,144
Lease incentives	8,678		(2,247)		6,431		9,529		(1,656)		7,873
Total intangible assets	$	259,882	$	(86,442)	$	173,440	$	232,277	$	(67,885)	$	164,392
Liabilities:
Below-market leases	$	28,627	$	(11,717)	$	16,910	$	29,847	$	(9,670)	$	20,177

Weighted Average Amortization Period for Intangible Assets and Liabilities

The remaining weighted average amortization period for the Company’s intangible assets and liabilities by category were as follows:

	Years Remaining as of
	December 31, 2025	December 31, 2024
In-place leases	8.7	8.6
Above-market leases	11.9	11.4
Below-market leases	9.5	10.1
Lease incentives	8.9	10.1

Amortization of Intangible Assets and Liabilities

The following amounts in the accompanying consolidated statements of operations and comprehensive loss related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):

	Year Ended December 31,
	2025		2024		2023
Amortization:
Amortization of in-place leases	$	22,766	$	21,302	$	19,203
Net adjustment to rental revenue:
Above-market lease assets	(1,493)		(1,621)		(1,575)
Below-market lease liabilities	2,499		2,839		2,975
Lease incentives	(849)		(760)		(789)
	$	157	$	458	$	611

Projected Amortization of Intangible Assets and Liabilities

The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of December 31, 2025, for the next five years and thereafter (in thousands):

	2026		2027		2028		2029		2030		Thereafter		Total
In-place leases	$	24,052	$	22,313	$	19,594	$	17,191	$	14,273	$	53,457	$	150,880
Above-market lease assets	(1,687)		(1,635)		(1,604)		(1,455)		(1,359)		(8,389)		(16,129)
Below-market lease liabilities	2,368		2,298		2,171		1,990		1,818		6,265		16,910
Lease incentives	(859)		(804)		(774)		(735)		(732)		(2,527)		(6,431)
Net adjustment to rental revenue	$	(178)	$	(141)	$	(207)	$	(200)	$	(273)	$	(4,651)	$	(5,650)

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of December 31, 2025, for the next five years and thereafter (in thousands):

	2026		2027		2028		2029		2030		Thereafter		Total
In-place leases	$	24,052	$	22,313	$	19,594	$	17,191	$	14,273	$	53,457	$	150,880
Above-market lease assets	(1,687)		(1,635)		(1,604)		(1,455)		(1,359)		(8,389)		(16,129)
Below-market lease liabilities	2,368		2,298		2,171		1,990		1,818		6,265		16,910
Lease incentives	(859)		(804)		(774)		(735)		(732)		(2,527)		(6,431)
Net adjustment to rental revenue	$	(178)	$	(141)	$	(207)	$	(200)	$	(273)	$	(4,651)	$	(5,650)