Real Estate |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate | Real Estate The Company’s components of Real estate, net consisted of the following:
(1)As of June 30, 2025 and December 31, 2024, Lease intangibles consisted of $464.1 million and $482.7 million, respectively, of in-place leases and $40.5 million and $43.8 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease. (2)As of June 30, 2025 and December 31, 2024, Accumulated depreciation and amortization included $425.8 million and $433.0 million, respectively, of accumulated amortization related to Lease intangibles. In addition, as of June 30, 2025 and December 31, 2024, the Company had intangible liabilities relating to below-market leases of $357.1 million and $366.5 million, respectively, and accumulated accretion of $245.3 million and $246.3 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets. Below-market lease accretion income, net of above-market lease amortization for the three months ended June 30, 2025 and 2024 was $4.7 million and $2.5 million, respectively. Below-market lease accretion income, net of above-market lease amortization for the six months ended June 30, 2025 and 2024 was $8.0 million and $4.9 million, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended June 30, 2025 and 2024 was $7.4 million and $3.1 million, respectively. Amortization expense associated with in-place lease value for the six months ended June 30, 2025 and 2024 was $14.3 million and $6.4 million, respectively. These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:
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