Intangibles

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

7. Intangibles

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):

	March 31, 2026			December 31, 2025
Intangible assets:
In-place lease intangibles	$	77,750		$	77,750
Above-market lease intangibles		3,124			3,124
Total intangible assets		80,874			80,874
Accumulated amortization:
In-place lease amortization		(26,663	)		(21,448	)
Above-market lease amortization		(1,012	)		(878	)
Total accumulated amortization		(27,675	)		(22,326	)
Intangible assets, net	$	53,199		$	58,548
Intangible liabilities:
Below-market lease intangibles	$	(11,522	)	$	(11,522	)
Accumulated amortization:
Below-market lease amortization		3,919			3,087
Intangible liabilities, net	$	(7,603	)	$	(8,435	)

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2026 is as follows ($ in thousands):

	In-place Lease Intangibles		Above-market Lease Intangibles		Below-market Lease Intangibles
2026 (remaining)	$	7,730	$	397	$	(1,492	)
2027		8,685		520		(1,595	)
2028		7,250		485		(1,331	)
2029		5,730		388		(789	)
2030		4,706		244		(671	)
Thereafter		16,986		78		(1,725	)
Total	$	51,087	$	2,112	$	(7,603	)

The in-place lease intangible amortization is recorded in depreciation and amortization while the above-market and below-market intangible amortization is recorded in rental revenue on the Company's Condensed Consolidated Statements of Operations.