As of April 1, 2025, the Company deconsolidated the Eagles Sub-OP. Refer to Note 19 “Deconsolidation of Eagles Sub-OP” for further information.

The following is a summary of the carrying amount of the Company’s intangible assets and liabilities as of June 30, 2025 and December 31, 2024.


(in thousands)	June 30, 2025		December 31, 2024
Assets:
Above-market leases	$	—	$	4,153
Above-market leases accumulated amortization		—		(3,038	)
In-place leases		—		28,814
In-place leases accumulated amortization		—		(22,771	)
Total real estate intangible assets, net	$	—	$	7,158

Liabilities
Below-market leases	$	—	$	3,099
Below-market leases accumulated amortization		—		(2,778	)
Total real estate intangible liabilities, net	$	—	$	321

For the three months ended June 30, 2024, the Company recognized amortization related to in-place leases of approximately $0.7 million and net amortization related to above-market leases and below-market leases for the three months ended June 30, 2024 of approximately $0.1 million in its condensed consolidated statements of operations.

For the six months ended June 30, 2025 and 2024, the Company recognized amortization related to in-place leases of approximately $0.6 million and $1.6 million, respectively, and net amortization related to above-market leases and below-market leases for each of the six months ended June 30, 2025 and 2024 of approximately $0.1 million in its condensed consolidated statements of operations.

The Company amortizes the value of in-place leases to amortization expense, the value of above-market leases as a reduction of rental income and the value of below-market leases as an increase to rental income over the initial term of the respective leases.