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INTANGIBLES
 12 Months Ended
Dec. 31, 2025
Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]  
INTANGIBLES
NOTE 8 – INTANGIBLES

The following is a summary of our intangibles (dollars in thousands):
 As of December 31, 2025As of December 31, 2024
 Balance
Weighted Average
Remaining Amortization
Period in Years
Balance
Weighted Average
Remaining Amortization
Period in Years
Intangible assets:    
Above-market lease intangibles (1)
$120,178 4.0$124,515 4.3
In-place lease and other real estate intangibles (2)
1,560,389 7.01,434,236 8.4
Acquired lease intangibles
1,680,567 1,558,751 
Goodwill1,046,072 n/a1,044,915 n/a
Other intangibles (2)
41,261 48.041,190 24.4
Accumulated amortization(1,374,077)n/a(1,286,374)n/a
Net intangible assets$1,393,823 8.1$1,358,482 8.8
Intangible liabilities:   
Below-market lease intangibles (1)
$246,153 13.1$269,572 7.0
Other lease intangibles13,498 n/a13,498 n/a
Accumulated amortization(198,762)n/a(211,441)n/a
Purchase option intangibles3,568 n/a3,568 n/a
Net intangible liabilities$64,457 13.1$75,197 7.0
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(1) Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income.
(2) Amortization of intangibles is recorded in Depreciation and amortization in our Consolidated Statements of Income.
n/a—not applicable 

During the year ended December 31, 2025, we acquired $209.5 million of intangible assets as part of our real estate acquisitions, consisting primarily of in-place lease intangibles, with a weighted average amortization period of 3.5 years at acquisition date. During the year ended December 31, 2024, we acquired $159.8 million of intangible assets as part of our real estate acquisitions, consisting primarily of in-place lease intangibles, with a weighted average amortization period of 6.3 years at acquisition date.

Other intangibles (including non-compete agreements, trade names and trademarks) are included in Other assets on our Consolidated Balance Sheets. Net intangible liabilities are included in Accounts payable and other liabilities on our Consolidated Balance Sheets. For the years ended December 31, 2025, 2024 and 2023, our net amortization related to these intangible assets and liabilities was $48.9 million, $80.8 million and $111.2 million, respectively.
The following is a summary of the estimated net amortization related to these intangible assets and liabilities for each of the next five years (dollars in thousands):
Estimated Net Amortization
2026$140,500 
202746,500 
202821,000 
202910,500 
20309,100 

The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2025 (dollars in thousands):
 Goodwill
OM&R
$466,967 
NNN
319,569 
SHOP259,536 
Total goodwill$1,046,072 
    
There were no significant changes in the allocation of goodwill or any impairments during the years ended December 31, 2025, 2024 and 2023.