Intangibles (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Finite-Lived Intangible Assets |
The following table summarizes the identified intangible assets:
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June 30, 2025 |
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December 31, 2024 |
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Intangible assets: |
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Intangible lease
assets, gross |
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Accumulated
amortization |
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Intangible lease
assets, net |
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Weighted-average
life (Years) |
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Intangible lease
assets, gross |
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Accumulated
amortization |
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Intangible lease
assets, net |
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Weighted-average
life (Years) |
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In-place leases |
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$ |
108,463 |
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$ |
(6,581 |
) |
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$ |
101,882 |
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12.9 |
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$ |
75,677 |
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$ |
(2,270 |
) |
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$ |
73,407 |
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12.8 |
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Leasing commissions |
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33,105 |
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(1,708 |
) |
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31,397 |
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12.0 |
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15,766 |
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(532 |
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15,234 |
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10.1 |
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Above-market lease |
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32,242 |
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(1,096 |
) |
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31,146 |
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11.9 |
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6,256 |
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(315 |
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5,941 |
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12.6 |
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Total intangible assets: |
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$ |
173,810 |
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$ |
(9,385 |
) |
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$ |
164,425 |
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12.5 |
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$ |
97,699 |
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$ |
(3,117 |
) |
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$ |
94,582 |
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12.4 |
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| Schedule of Below Market Leases |
The following table summarizes the identified intangible liabilities:
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June 30, 2025 |
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December 31, 2024 |
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Intangible liabilities: |
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Intangible lease
liabilities, gross |
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Accumulated
amortization |
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Intangible lease
liabilities, net |
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Weighted-average
life (Years) |
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Intangible lease
liabilities, gross |
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Accumulated
amortization |
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Intangible lease
liabilities, net |
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Weighted-average
life (Years) |
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Below-market lease |
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$ |
32,160 |
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$ |
(1,687 |
) |
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$ |
30,473 |
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16.5 |
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$ |
26,910 |
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$ |
(703 |
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$ |
26,207 |
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16.8 |
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Total intangible liabilities: |
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$ |
32,160 |
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$ |
(1,687 |
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$ |
30,473 |
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16.5 |
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$ |
26,910 |
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$ |
(703 |
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$ |
26,207 |
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16.8 |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
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:
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Year |
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In-place leases |
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Leasing
commissions |
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Above-market
lease |
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Below-market
lease |
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2025 (Remaining) |
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$ |
4,834 |
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$ |
1,407 |
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$ |
1,316 |
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$ |
1,011 |
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2026 |
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9,669 |
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2,825 |
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2,632 |
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2,023 |
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2027 |
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9,669 |
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3,318 |
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2,632 |
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2,023 |
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2028 |
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9,669 |
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3,318 |
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2,632 |
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2,023 |
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2029 |
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9,669 |
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3,318 |
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2,632 |
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2,023 |
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Thereafter |
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58,372 |
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17,211 |
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19,302 |
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21,370 |
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Total |
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$ |
101,882 |
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$ |
31,397 |
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$ |
31,146 |
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$ |
30,473 |
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