The following table summarizes the identified intangible assets:


	June 30, 2025									December 31, 2024
Intangible assets:	Intangible lease assets, gross		Accumulated amortization			Intangible lease assets, net		Weighted-average life (Years)		Intangible lease assets, gross		Accumulated amortization			Intangible lease assets, net		Weighted-average life (Years)
In-place leases	$	108,463	$	(6,581	)	$	101,882		12.9	$	75,677	$	(2,270	)	$	73,407		12.8
Leasing commissions		33,105		(1,708	)		31,397		12.0		15,766		(532	)		15,234		10.1
Above-market lease		32,242		(1,096	)		31,146		11.9		6,256		(315	)		5,941		12.6
Total intangible assets:	$	173,810	$	(9,385	)	$	164,425		12.5	$	97,699	$	(3,117	)	$	94,582		12.4

During the three and six months ended June 30, 2025, the Company recognized $3,116 and $5,487, respectively, of amortization related to its in-place lease intangible assets and leasing commissions, which is recorded as a component of depreciation and amortization in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2025, the Company recognized $658 and $781, respectively, of amortization related to above-market lease intangible assets, which is recorded as a decrease to rental revenue in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2024, the Company recognized $247 and $289, respectively, of amortization related to its in-place lease intangible assets and leasing commissions, which is recorded as a component of depreciation and amortization in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2024, the Company recognized $75 and $126, respectively, of amortization related to above-market lease intangible assets, which is recorded as a decrease to rental revenue in the condensed consolidated statements of operations.

The following table summarizes the identified intangible liabilities:


	June 30, 2025									December 31, 2024
Intangible liabilities:	Intangible lease liabilities, gross		Accumulated amortization			Intangible lease liabilities, net		Weighted-average life (Years)		Intangible lease liabilities, gross		Accumulated amortization			Intangible lease liabilities, net		Weighted-average life (Years)
Below-market lease	$	32,160	$	(1,687	)	$	30,473		16.5	$	26,910	$	(703	)	$	26,207		16.8
Total intangible liabilities:	$	32,160	$	(1,687	)	$	30,473		16.5	$	26,910	$	(703	)	$	26,207		16.8

During the three and six months ended June 30, 2025, the Company recognized $504 and $984, respectively, of amortization related to below-market lease intangible liabilities, which is recorded as an increase to rental revenue in the condensed consolidated statements of operations.

During three and six months ended June 30, 2024, the Company recognized $93 of amortization related to below-market lease intangible liabilities, which is recorded as an increase to rental revenue in the condensed consolidated statements of operations.

The estimated future amortization of the Company’s intangible assets and liabilities for each of the next five years and thereafter as of June 30, 2025, is as follows:


Year	In-place leases		Leasing commissions		Above-market lease		Below-market lease
2025 (Remaining)	$	4,834	$	1,407	$	1,316	$	1,011
2026		9,669		2,825		2,632		2,023
2027		9,669		3,318		2,632		2,023
2028		9,669		3,318		2,632		2,023
2029		9,669		3,318		2,632		2,023
Thereafter		58,372		17,211		19,302		21,370
Total	$	101,882	$	31,397	$	31,146	$	30,473