INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

NOTE 8. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):

	As of
	June 30, 2026		December 31, 2025
Intangible Lease Assets:
Value of In-Place Leases	$	94,980	$	99,346
Value of Above Market In-Place Leases		19,145		23,052
Value of Intangible Leasing Costs		30,961		29,963
Sub-total Intangible Lease Assets		145,086		152,361
Accumulated Amortization		(61,295)		(67,651)
Sub-total Intangible Lease Assets—Net		83,791		84,710
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(42,333)		(42,144)
Sub-total Intangible Lease Liabilities		(42,333)		(42,144)
Accumulated Amortization		10,761		10,658
Sub-total Intangible Lease Liabilities—Net		(31,572)		(31,486)
Total Intangible Assets and Liabilities—Net	$	52,219	$	53,224

The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2026 and 2025 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Amortization Expense	$	6,006	$	6,287	$	12,300	$	12,316
Accretion to Income Properties Revenue		(699)		(267)		(1,609)		(716)
Net Amortization of Intangible Assets and Liabilities	$	5,307	$	6,020	$	10,691	$	11,600

Amortization expense and accretion to income properties revenue for the three and six months ended June 30, 2026 includes $0.1 million and $0.4 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period. For the three and six months ended June 30, 2025, amortization expense and accretion to income properties revenue included $0.6 million and $1.3 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period.

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):
As of June 30, 2026	Future Amortization Expense		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2026	$	10,895	$	(1,617)	$	9,278
2027		17,726		(2,644)		15,082
2028		12,581		(2,556)		10,025
2029		8,425		(2,490)		5,935
2030		6,689		(2,091)		4,598
2031		5,595		(2,132)		3,463
2032 and Thereafter		12,853		(9,015)		3,838
Total	$	74,764	$	(22,545)	$	52,219

As of June 30, 2026, the weighted average amortization period of total intangible assets and liabilities was 7.8 years and 9.9 years, respectively.