v3.25.4
Deferred Leasing Costs and Acquisition-Related Intangible Assets and Liabilities, net
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Deferred Leasing Costs and Acquisition-Related Intangible Assets and Liabilities, net Deferred Leasing Costs and Acquisition-Related Intangible Assets and Liabilities, net
The following table summarizes our deferred leasing costs and acquisition-related intangible assets (acquired value of leasing costs, above-market operating leases, and in-place leases) and acquisition-related intangible liabilities (acquired value of below-market operating leases):
December 31, 2025December 31, 2024
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:(in thousands)
Deferred leasing costs$310,936 $303,541 
Accumulated amortization(131,985)(136,171)
Deferred leasing costs, net178,951 167,370 
Above-market operating leases8,239 1,269 
Accumulated amortization(779)(156)
Above-market operating leases, net7,460 1,113 
In-place leases123,329 78,979 
Accumulated amortization(31,508)(21,525)
In-place leases, net91,821 57,454 
Total deferred leasing costs and acquisition-related intangible assets, net$278,232 $225,937 
Acquisition-related Intangible Liabilities, net (1):
Below-market operating leases$41,292 $38,413 
Accumulated amortization(14,613)(10,995)
Below-market operating leases, net26,679 27,418 
Total acquisition-related intangible liabilities, net$26,679 $27,418 
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(1)Included in deferred revenue and acquisition-related intangible liabilities, net in the consolidated balance sheets. Refer to Note 9 “Deferred Revenue and Acquisition-Related Intangible Liabilities, net” for a detailed breakdown of this line item .

The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles:
Year Ended December 31,
202520242023
(in thousands)
Deferred leasing costs$31,670 $34,135 $31,771 
Above-market operating leases645 86 31 
In-place leases12,122 7,453 15,878 
Below-market operating leases(3,724)(3,607)(6,679)
Total$40,713 $38,067 $41,001 

The following table sets forth the estimated annual amortization expense related to deferred leasing costs and acquisition-related intangibles as of December 31, 2025 for future periods:
Deferred
Leasing Costs
Above-Market Operating Leases
In-Place Leases
Below-Market Operating Leases
Year Ending(in thousands)
2026$32,410 $1,809 $21,138 $(4,530)
202728,802 1,620 16,914 (4,075)
202826,406 1,520 14,792 (3,739)
202922,950 1,371 12,083 (2,976)
203019,717 893 8,487 (2,593)
Thereafter48,666 247 18,407 (8,766)
Total$178,951 $7,460 $91,821 $(26,679)
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(1)Refer to Note 2 “Basis of Presentation and Significant Accounting Policies” for presentation in the consolidated statements of operations.