Intangibles

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

Intangibles

The gross carrying amount and accumulated amortization of the Company’s identified intangible lease assets consisted of the following:

		December 31, 2025						December 31, 2024
	Weighted Average Life (Years)	Intangible lease assets, gross		Accumulated Amortization		Intangible lease assets, net		Intangible lease assets, gross		Accumulated Amortization		Intangible lease assets, net
Intangible lease assets:
In-place lease intangibles	13.3	$	154,558	$	(24,173)	$	130,385	$	107,642	$	(15,978)	$	91,664
Other lease intangibles (1)	14.1	125,195		(12,588)		112,607		82,696		(6,259)		76,437
Total intangible lease assets	13.6	$	279,753	$	(36,761)	$	242,992	$	190,338	$	(22,237)	$	168,101

(1)    Includes total tenant lease inducement balance of $66,635 and $60,676 as of December 31, 2025 and 2024, respectively.

Amortization expense related to the intangible lease assets for the year ended December 31, 2025 was $14,334, of which $11,299 and $3,035 is included in depreciation and amortization and rental revenue, respectively within the Consolidated Statements of Operations. Amortization expenses related to the intangible lease assets for the year ended December 31, 2024 was $11,708, of which $9,673 and $2,035 is included in depreciation and amortization and rental revenue, respectively within the Consolidated Statements of Operations. Amortization expense related to the intangible lease assets for the year ended December 31, 2023 was $8,760, of which $8,350 and $410 is included in depreciation and amortization and rental revenue, respectively within the Consolidated Statements of Operations. The amounts included in rental revenue are related to tenant lease inducements.

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of December 31, 2025 is as follows:

	In-Place Tenant Lease Intangible Assets		Other Lease Intangibles
2026	$	12,999	$	8,912
2027	12,999		9,489
2028	12,999		9,489
2029	12,998		9,487
2030	12,999		9,489
Thereafter	65,391		65,741
Total	$	130,385	$	112,607

As of December 31, 2025 and 2024, the gross carrying amounts of the Company’s below market lease intangibles were $6,148 and $5,931, with accumulated amortization of $877 and $519, respectively. The below market lease intangibles, net of accumulated amortization, are included in other liabilities within our Consolidated Balance Sheet.