NOTE 6 - Lease intangibles The following table summarizes the net value of other intangible assets and liabilities and the accumulated amortization for each class of intangible: | | | | | | | | | | | | Lease | | Accumulated | | Lease | As of June 30, 2025 | | Intangibles | | Amortization | | Intangibles, net | | Lease Intangible Assets | | (in thousands) | In-place leases | | $ | 16,188 | | $ | (14,521) | | $ | 1,667 | Above-market leases | | | 1,416 | | | (1,060) | | | 356 | | | $ | 17,604 | | $ | (15,581) | | $ | 2,023 | Lease Intangible Liabilities | | | | | | | | | | Below-market leases | | $ | (2,314) | | $ | 2,064 | | $ | (250) |
| | | | | | | | | | | | Lease | | Accumulated | | Lease | As of December 31, 2024 | | Intangibles | | Amortization | | Intangibles, net | | Lease Intangible Assets | | (in thousands) | In-place leases | | $ | 16,188 | | $ | (14,047) | | $ | 2,141 | Above-market leases | | | 1,415 | | | (1,015) | | | 400 | | | $ | 17,603 | | $ | (15,062) | | $ | 2,541 | Lease Intangible Liabilities | | | | | | | | | | Below-market leases | | $ | (2,315) | | $ | 1,991 | | $ | (324) |
The estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows: | | | | | | | | | Intangible | | Intangible | Years ending December 31, | | Assets | | Liabilities | | | | (in thousands) | 2025 (July - December) | | $ | 320 | | $ | 74 | 2026 | | | 490 | | | 77 | 2027 | | | 381 | | | 38 | 2028 | | | 311 | | | 19 | 2029 | | | 207 | | | 17 | Thereafter | | | 314 | | | 25 | | | $ | 2,023 | | $ | 250 |
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