Intangible Assets and Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Intangible Assets and Liabilities |
Intangible assets and liabilities consisted of the following as of June 30, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average |
|
|
|
Gross carrying |
|
|
Accumulated |
|
|
Net carrying |
|
|
amortization |
|
|
|
amount |
|
|
amortization |
|
|
amount |
|
|
period (years) |
|
In-place leases |
|
$ |
107,065,000 |
|
|
$ |
(46,980,000 |
) |
|
$ |
60,085,000 |
|
|
|
7.3 |
|
Above-market leases |
|
|
3,905,000 |
|
|
|
(1,801,000 |
) |
|
|
2,104,000 |
|
|
|
6.0 |
|
Total intangible lease assets, net |
|
$ |
110,970,000 |
|
|
$ |
(48,781,000 |
) |
|
$ |
62,189,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Below-market leases |
|
$ |
35,341,000 |
|
|
$ |
(11,728,000 |
) |
|
$ |
23,613,000 |
|
|
|
11.1 |
|
|
| Schedule of Amortization of Intangible Assets and Liability |
Amortization of intangible assets and liabilities for the three and six months ended June 30, 2025 and 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Net adjustment to rental revenue |
|
$ |
626,000 |
|
|
$ |
701,000 |
|
|
$ |
1,236,000 |
|
|
$ |
1,325,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of in-place leases |
|
$ |
3,224,000 |
|
|
$ |
3,054,000 |
|
|
$ |
6,469,000 |
|
|
$ |
6,216,000 |
|
|
| 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 June 30, 2025 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
|
|
Rental revenue |
|
|
|
In-place |
|
|
Above-market |
|
|
Below-market |
|
|
|
|
|
|
lease assets |
|
|
leases |
|
|
leases |
|
|
Total |
|
Remainder of 2025 |
|
$ |
6,309,000 |
|
|
$ |
(260,000 |
) |
|
$ |
1,539,000 |
|
|
$ |
1,279,000 |
|
2026 |
|
|
11,685,000 |
|
|
|
(484,000 |
) |
|
|
3,021,000 |
|
|
|
2,537,000 |
|
2027 |
|
|
9,893,000 |
|
|
|
(386,000 |
) |
|
|
2,598,000 |
|
|
|
2,212,000 |
|
2028 |
|
|
7,849,000 |
|
|
|
(342,000 |
) |
|
|
2,385,000 |
|
|
|
2,043,000 |
|
2029 |
|
|
6,519,000 |
|
|
|
(294,000 |
) |
|
|
2,242,000 |
|
|
|
1,948,000 |
|
Thereafter |
|
|
17,830,000 |
|
|
|
(338,000 |
) |
|
|
11,828,000 |
|
|
|
11,490,000 |
|
Total |
|
$ |
60,085,000 |
|
|
$ |
(2,104,000 |
) |
|
$ |
23,613,000 |
|
|
$ |
21,509,000 |
|
|