| Other Assets and Intangibles, net |
3.Other Assets and Intangibles, net Other assets and intangibles consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
Asset |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets, net: |
|
|
|
|
|
|
|
|
In-place leases |
$ |
52,129 |
|
|
$ |
(44,426 |
) |
|
$ |
7,703 |
|
Above-market leases |
|
3,855 |
|
|
|
(3,540 |
) |
|
|
315 |
|
Lease origination costs |
|
5,508 |
|
|
|
(4,716 |
) |
|
|
792 |
|
Tenant relationships |
|
22,337 |
|
|
|
(19,113 |
) |
|
|
3,224 |
|
Total intangible assets, net |
|
83,829 |
|
|
|
(71,795 |
) |
|
|
12,034 |
|
Operating lease ROU assets |
|
|
|
|
|
|
|
15,545 |
|
Other assets: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
|
|
|
7,123 |
|
Other assets |
|
|
|
|
|
|
|
1,206 |
|
Deposits |
|
|
|
|
|
|
|
1,893 |
|
Total other assets, net |
|
|
|
|
|
|
$ |
37,801 |
|
|
Liability |
|
|
Accumulated Amortization |
|
|
Net |
|
Below-market leases |
$ |
16,034 |
|
|
$ |
(6,917 |
) |
|
$ |
9,117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
Asset |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets, net: |
|
|
|
|
|
|
|
|
In-place leases |
$ |
53,964 |
|
|
$ |
(45,641 |
) |
|
$ |
8,323 |
|
Above-market leases |
|
3,855 |
|
|
|
(3,492 |
) |
|
|
363 |
|
Lease origination costs |
|
5,732 |
|
|
|
(4,884 |
) |
|
|
848 |
|
Tenant relationships |
|
23,894 |
|
|
|
(20,487 |
) |
|
|
3,407 |
|
Total intangible assets, net |
|
87,445 |
|
|
|
(74,504 |
) |
|
|
12,941 |
|
Operating lease ROU assets |
|
|
|
|
|
|
|
15,818 |
|
Other assets: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
|
|
|
4,283 |
|
Other assets |
|
|
|
|
|
|
|
1,192 |
|
Deposits |
|
|
|
|
|
|
|
2,051 |
|
Total other assets, net |
|
|
|
|
|
|
$ |
36,285 |
|
|
Liability |
|
|
Accumulated Amortization |
|
|
Net |
|
Below-market leases |
$ |
16,034 |
|
|
$ |
(6,728 |
) |
|
$ |
9,306 |
|
Amortization for the three months ended March 31, 2025 and 2024 related to the Company’s intangibles was as follows (in thousands):
|
|
|
|
|
|
|
|
|
Year |
|
Income |
|
|
Expense |
|
2025 |
|
$ |
140 |
|
|
$ |
833 |
|
2024 |
|
|
557 |
|
|
|
2,540 |
|
|