v3.25.2
INTANGIBLE LEASE ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE LEASE ASSETS AND LIABILITIES
NOTE 5 — INTANGIBLE LEASE ASSETS AND LIABILITIES
Intangible lease assets and liabilities consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands, except weighted average life remaining):
June 30, 2025December 31, 2024
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $54,771 and $51,282, respectively (with a weighted average life remaining of 10.6 years and 11.8 years, respectively)
$103,956 $88,698 
Acquired above-market leases, net of accumulated amortization of $4,143 and $3,213, respectively (with a weighted average life remaining of 6.9 years and 10.6 years, respectively)
16,992 3,447 
Total intangible lease assets, net$120,948 $92,145 
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $6,574 and $6,036, respectively (with a weighted average life remaining of 10.7 years and 11.2 years, respectively)
$11,389 $11,812 
Amortization of the above-market leases is recorded as a reduction to rental and other property income, and amortization expense for the in-place leases and other intangibles is included in depreciation and amortization in the accompanying condensed consolidated statements of operations. Amortization of below-market leases is recorded as an increase to rental and other property income in the accompanying condensed consolidated statements of operations.
The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
In-place lease and other intangible amortization$3,265 $2,635 $6,141 $5,330 
Above-market lease amortization$831 $106 $1,344 $212 
Below-market lease amortization$269 $281 $538 $566 
As of June 30, 2025, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands):
Amortization
In-Place Leases and
Other Intangibles
Above-Market Leases
Below-Market Leases
Remainder of 2025$5,923 $1,808 $538 
202611,129 3,712 1,077 
202710,843 3,672 1,077 
20289,846 3,350 1,077 
20298,909 2,671 1,077 
Thereafter57,306 1,779 6,543 
Total$103,956 $16,992 $11,389