v3.25.2
Intangible Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES INTANGIBLE ASSETS AND LIABILITIES
At June 30, 2025 and December 31, 2024, intangible assets included the following ($ in thousands):
20252024
In-place leases, net of accumulated amortization of $142,452 and $135,945
in 2025 and 2024, respectively
$128,386 $139,704 
Below-market ground leases, net of accumulated amortization of $2,713 and
$2,572 in 2025 and 2024, respectively
16,539 16,681 
Above-market leases, net of accumulated amortization of $24,850 and $24,190
in 2025 and 2024, respectively
12,557 13,930 
      Goodwill1,674 1,674 
$159,156 $171,989 

At June 30, 2025 and December 31, 2024, intangible liabilities were the following ($ in thousands):
20252024
Below-market leases, net of accumulated amortization of $63,416 and $56,982 in 2025 and 2024, respectively
$104,223 $111,221 

The amortization of the above asset and liabilities are recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues:
Rental property revenues, net (Below-market and Above-market leases)$2,804 $1,558 $5,626 $3,019 
Expenses:
Depreciation and amortization (In-place leases)5,438 5,963 11,318 10,364 
Rental property operating and other expenses (Below-market ground leases)71 71 141 171 
Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):
In-Place 
Leases		Below-Market Ground LeasesAbove-Market LeasesBelow-Market
Leases
2025 (six months)$10,318 $141 $1,292 $(6,744)
202619,344 282 2,287 (12,532)
202716,816 282 1,877 (10,997)
202813,994 282 1,765 (9,850)
202912,593 282 1,496 (9,446)
Thereafter55,321 15,270 3,840 (54,654)
$128,386 $16,539 $12,557 $(104,223)