Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Depreciation expense is computed using the straight-line method based on the following useful lives:


			Years
Buildings and Improvements			7 to 50
Land Improvements			4 to 25
Furniture, Fixtures and Equipment			2 to 5
Tenant Improvements			Shorter of Useful Life or Terms of Related Lease

Summary of Deferred Leasing Intangibles

Deferred leasing intangibles, net of accumulated amortization, included in Prepaid Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Balance Sheets consist of the following:


	December 31, 2025		December 31, 2024
In-Place Leases	$	27,777	$	14,390
Above Market Leases	2,148		2,485
Below Market Ground Lease Obligation	1,326		1,371
Tenant Relationships	832		1,065
Total Included in Prepaid Expenses and Other Assets, Net is net of $25,751 and $25,188 of Accumulated Amortization	$	32,083	$	19,311
Below Market Leases	$	5,944	$	8,856
Total Included in Accounts Payable, Accrued Expenses and Other Liabilities is net of $18,821 and $17,632 of Accumulated Amortization	$	5,944	$	8,856

Future Amortization Expense Related to Deferred Leasing Intangibles

We will recognize net amortization expense related to deferred leasing intangibles over the next five years for properties owned as of December 31, 2025 as follows:


	Estimated Amortization of In-Place Leases and Tenant Relationships		Estimated Net Increase to Rental Revenues Related to Above and Below Market Leases
2026	$	7,616	$	1,620
2027	$	6,737	$	1,033
2028	$	5,430	$	833
2029	$	3,521	$	371
2030	$	1,881	$	132