| Intangible Assets and Liabilities, and Leasing Fees |
Intangible Assets and Liabilities, and Leasing Fees The following is a summary of intangible assets and liabilities, and leasing fees, and related accumulated amortization: | | | | | | | | | | | | | (in thousands) | June 30,
2025 | | December 31,
2024 | | Lease intangibles: | | | | | Acquired above-market leases | $ | 39,225 | | | $ | 39,786 | | | Less accumulated amortization | (19,437) | | | (18,599) | | | Acquired above-market leases, net | 19,788 | | | 21,187 | | | Acquired in-place leases | 403,584 | | | 406,146 | | | Less accumulated amortization | (166,697) | | | (159,695) | | | Acquired in-place leases, net | 236,887 | | | 246,451 | | | Total intangible lease assets, net | $ | 256,675 | | | $ | 267,638 | | | Acquired below-market leases | $ | 92,546 | | | $ | 94,513 | | | Less accumulated amortization | (47,749) | | | (45,782) | | | Intangible lease liabilities, net | $ | 44,797 | | | $ | 48,731 | | | Leasing fees | $ | 22,150 | | | $ | 21,781 | | | Less accumulated amortization | (7,132) | | | (6,495) | | | Leasing fees, net | $ | 15,018 | | | $ | 15,286 | |
Amortization of intangible lease assets and liabilities, and leasing fees was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Financial Statement Presentation | | For the Three Months Ended
June 30, | | For the Six Months Ended
June 30, | | Intangible | | | 2025 | | 2024 | | 2025 | | 2024 | | Acquired in-place leases and leasing fees | | Depreciation and amortization | | $ | 10,820 | | | $ | 7,840 | | | $ | 18,764 | | | $ | 15,536 | | | Above-market and below-market leases | | Lease revenues, net | | 1,192 | | | 1,096 | | | 2,257 | | | 2,117 | |
For the three and six months ended June 30, 2025, amortization of all intangible assets and liabilities includes $4.7 million and $5.0 million, respectively, of accelerated amortization resulting from early lease terminations. There was no accelerated amortization for the three and six months ended June 30, 2024. Estimated future amortization of intangible assets and liabilities, and leasing fees at June 30, 2025 is as follows: | | | | | | | (in thousands) | | | Remainder of 2025 | $ | 13,287 | | | 2026 | 25,840 | | | 2027 | 24,037 | | | 2028 | 21,767 | | | 2029 | 20,167 | | | Thereafter | 121,798 | | | $ | 226,896 | |
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