v3.25.2
Intangible Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Liabilities - Intangible Assets, Favorable Lease

Intangible assets as of June 30, 2025 and December 31, 2024 consisted of the following:

 

 

Cost

 

 

Accumulated
Amortization

 

 

Net Book Value

 

Favorable lease terms December 31, 2024

 

$

211,644

 

 

$

(169,333

)

 

$

42,311

 

Amortization

 

 

—

 

 

 

(8,660

)

 

 

(8,660

)

Favorable lease terms June 30, 2025

 

$

211,644

 

 

$

(177,993

)

 

$

33,651

 
Intangible Assets and Liabilities - Amortization of Favorable Lease Terms

Amortization expense of favorable lease terms for each of the periods ended June 30, 2025 and 2024 is presented in the following table:

 

 

Three Month Period Ended June 30, 2025

 

 

Three Month Period Ended June 30, 2024

 

 

Six Month Period Ended June 30, 2025

 

 

Six Month Period Ended June 30, 2024

 

Favorable lease terms

 

$

(4,220

)

 

$

(4,540

)

 

$

(8,660

)

 

$

(9,079

)

Total

 

$

(4,220

)

 

$

(4,540

)

 

$

(8,660

)

 

$

(9,079

)
Intangible Assets and Liabilities - Aggregate Amortizations of Intangible Assets

The aggregate amortization of the intangible assets for the next five 12-month periods ending June 30 is estimated to be as follows:

 

Period

 

Amount

 

2026

 

$

11,182

 

2027

 

 

5,115

 

2028

 

 

4,982

 

2029

 

 

4,982

 

2030

 

 

4,982

 

2031 and thereafter

 

 

2,408

 

Total

 

$

33,651

 
Intangible Assets And Liabilities - Intangible Liabilities, Unfavorable Lease

Intangible liabilities as of June 30, 2025 and December 31, 2024 consisted of the following:

 

 

Cost

 

 

Accumulated
Amortization

 

 

Net Book Value

 

Unfavorable lease terms December 31, 2024

 

$

231,407

 

 

$

(216,141

)

 

$

15,266

 

Amortization

 

 

—

 

 

 

(5,792

)

 

 

(5,792

)

Unfavorable lease terms June 30, 2025

 

$

231,407

 

 

$

(221,933

)

 

$

9,474

 

 
Intangible Assets And Liabilities - Amortization of Unfavorable Lease Terms

Amortization income of unfavorable lease terms for each of the periods ended June 30, 2025 and 2024 is presented in the following table:

 

 

Three Month Period Ended June 30, 2025

 

 

Three Month Period Ended June 30, 2024

 

 

Six Month Period Ended June 30, 2025

 

 

Six Month Period Ended June 30, 2024

 

Unfavorable lease terms

 

$

2,912

 

 

$

3,171

 

 

$

5,792

 

 

$

6,307

 

Total

 

$

2,912

 

 

$

3,171

 

 

$

5,792

 

 

$

6,307

 
Intangible Assets And Liabilities - Aggregate Amortizations of Intangible Liabilities

The aggregate amortization of the intangible liabilities for the next five 12-month periods ending June 30 is estimated to be as follows:

 

Period

 

Amount

 

2026

 

$

9,474

 

2027

 

 

—

 

2028

 

 

—

 

2029

 

 

—

 

2030

 

 

—

 

2031 and thereafter

 

 

—

 

Total

 

$

9,474