v3.25.4
Acquired Lease Intangibles (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Acquired Lease Intangible Assets and Liabilities
The following table summarizes our acquisition related intangible assets, including the value of in-place tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition related intangible liabilities, including below-market tenant leases (in thousands):
 December 31,
 20252024
Acquired Lease Intangible Assets:  
In-place lease intangibles$398,161 $411,567 
Accumulated amortization(289,347)(252,147)
In-place lease intangibles, net$108,814 $159,420 
Above-market tenant leases$48,079 $51,225 
Accumulated amortization(28,619)(21,695)
Above-market tenant leases, net$19,460 $29,530 
Below-market ground lease
$12,976 $12,976 
Accumulated amortization
(623)(459)
Below-market ground lease, net$12,353 $12,517 
Acquired lease intangible assets, net$140,627 $201,467 
Acquired Lease Intangible Liabilities:  
Below-market tenant leases$(274,353)$(280,840)
Accumulated amortization
157,866 133,367 
Below-market tenant leases, net$(116,487)$(147,473)
Acquired lease intangible liabilities, net$(116,487)$(147,473)
Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles
The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the reported periods noted below (in thousands):
Year Ended December 31,
  2025 2024 2023
In-place lease intangibles(1)
$50,606 $47,815 $42,168 
Net below market tenant leases(2)
$(20,916)$(24,190)$(29,295)
Below-market ground leases(3)
$164 $164 $164 
(1)The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.
(2)The amortization of net below market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.
(3)The amortization of the below-market ground lease is recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.
Summary of Estimated Net Amortization Expense of Above Market Leases and In-place Lease Intangibles
The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2025, for the next five years and thereafter (in thousands):
Year Ending
In-place Leases(1)
Net Above/(Below)
Market Operating
Leases(2)
Below Market
Ground Lease(3)
2026$30,036 $(11,183)$164 
202722,327 (6,639)164 
202817,143 (7,987)164 
20299,809 (7,005)164 
20306,854 (6,375)164 
Thereafter22,645 (57,838)11,533 
Total$108,814 $(97,027)$12,353 
(1)Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operations.
(2)Estimated amounts of amortization will be recorded as a net increase to rental income in the consolidated statements of operations.
(3)Estimated amounts of amortization will be recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.