The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):


	June 30, 2025			December 31, 2024
Intangible assets:
In-place lease intangibles	$	49,182		$	20,964
Above-market lease intangibles		2,381			2,329
Total intangible assets		51,563			23,293
Accumulated amortization:
In-place lease amortization		(7,049	)		(2,526	)
Above-market lease amortization		(650	)		(460	)
Total accumulated amortization		(7,699	)		(2,986	)
Intangible assets, net	$	43,864		$	20,307
Intangible liabilities:
Below-market lease intangibles	$	(7,370	)	$	(3,159	)
Accumulated amortization:
Below-market lease amortization		1,369			362
Intangible liabilities, net	$	(6,001	)	$	(2,797	)

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2025 is as follows ($ in thousands):


	In-place Lease Intangibles		Above-market Lease Intangibles		Below-market Lease Intangibles
2025 (remaining)	$	8,099	$	183	$	(1,173	)
2026		6,520		366		(1,293	)
2027		5,093		356		(859	)
2028		4,397		349		(702	)
2029		3,848		313		(360	)
Thereafter		14,176		164		(1,614	)
Total	$	42,133	$	1,731	$	(6,001	)

The in-place lease intangible amortization is recorded in depreciation and amortization while the above-market and below-market intangible amortization is recorded in rental revenue on the Company's Consolidated Statements of Operations.

The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles for the properties acquired during the six months ended June 30, 2025 were 7.8 years, 3.0 years and 3.0 years, respectively.