| Schedule of Intangible Assets and Liabilities |
Intangible assets and liabilities consisted of the following as of March 31, 2025:
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March 31, 2025 |
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Weighted average |
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Gross carrying |
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Accumulated |
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Net carrying |
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amortization |
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amount |
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amortization |
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amount |
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period (years) |
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In-place leases |
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$ |
105,860,000 |
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$ |
(45,612,000 |
) |
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$ |
60,248,000 |
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6.8 |
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Above-market leases |
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3,960,000 |
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(1,713,000 |
) |
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2,247,000 |
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5.3 |
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Total intangible lease assets, net |
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$ |
109,820,000 |
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$ |
(47,325,000 |
) |
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$ |
62,495,000 |
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Below-market leases |
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$ |
33,650,000 |
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$ |
(11,146,000 |
) |
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$ |
22,504,000 |
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10.7 |
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| Schedule of Amortization of Intangible Assets and Liability |
Amortization of intangible assets and liabilities for the three months ended March 31, 2025 and 2024 were as follows:
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Three months ended March 31, |
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2025 |
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2024 |
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Net adjustment to rental revenue |
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$ |
610,000 |
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$ |
624,000 |
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Amortization of in-place leases |
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$ |
3,244,000 |
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$ |
3,162,000 |
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| Schedule of Finite-Lived Intangible future amortization of lease assets to amortization expense of above-market and below-market lease intangibles to rental revenue |
The estimated future amortization of lease assets to amortization expense and the amortization of above-market and below-market lease intangibles to rental revenue as of March 31, 2025 are as follows:
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Amortization |
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Rental revenue |
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In-place |
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Above-market |
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Below-market |
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lease assets |
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leases |
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leases |
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Total |
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Remainder of 2025 |
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$ |
9,494,000 |
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$ |
(398,000 |
) |
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$ |
2,246,000 |
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$ |
1,848,000 |
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2026 |
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11,620,000 |
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(493,000 |
) |
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2,934,000 |
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2,441,000 |
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2027 |
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9,816,000 |
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(395,000 |
) |
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2,504,000 |
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2,109,000 |
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2028 |
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7,703,000 |
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(348,000 |
) |
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2,278,000 |
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1,930,000 |
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2029 |
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6,272,000 |
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(294,000 |
) |
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2,126,000 |
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1,832,000 |
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Thereafter |
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15,343,000 |
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(319,000 |
) |
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10,416,000 |
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10,097,000 |
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Total |
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$ |
60,248,000 |
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$ |
(2,247,000 |
) |
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$ |
22,504,000 |
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$ |
20,257,000 |
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