| Schedule of Goodwill |
The following table presents a reconciliation of our goodwill (in thousands): | | | | | | | Goodwill | Balance at January 1, 2023 | $ | 1,037,412 | | Allocation of goodwill distributed to NLOP (Note 3) | (61,737) | | | Foreign currency translation adjustments | 2,614 | | Balance at December 31, 2023 | 978,289 | | | Foreign currency translation adjustments | (10,446) | | Balance at December 31, 2024 | 967,843 | | | Foreign currency translation adjustments | 19,228 | | Balance at December 31, 2025 | $ | 987,071 | |
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| Schedule of Intangible Assets and Goodwill |
Intangible assets, intangible liabilities, and goodwill are summarized as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, | | 2025 | | 2024 | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Finite-Lived Intangible Assets | | | | | | | | | | | | Internal-use software development costs | $ | 3,996 | | | $ | (1,578) | | | $ | 2,418 | | | $ | 2,778 | | | $ | (999) | | | $ | 1,779 | | | 3,996 | | | (1,578) | | | 2,418 | | | 2,778 | | | (999) | | | 1,779 | | | Lease Intangibles: | | | | | | | | | | | | | In-place lease | 2,316,097 | | | (993,737) | | | 1,322,360 | | | 2,157,163 | | | (938,574) | | | 1,218,589 | | | Above-market rent | 668,707 | | | (498,138) | | | 170,569 | | | 665,495 | | | (481,355) | | | 184,140 | | | 2,984,804 | | | (1,491,875) | | | 1,492,929 | | | 2,822,658 | | | (1,419,929) | | | 1,402,729 | | | Goodwill | | | | | | | | | | | | | Goodwill | 987,071 | | | — | | | 987,071 | | | 967,843 | | | — | | | 967,843 | | | Total intangible assets | $ | 3,975,871 | | | $ | (1,493,453) | | | $ | 2,482,418 | | | $ | 3,793,279 | | | $ | (1,420,928) | | | $ | 2,372,351 | | | | | | | | | | | | | | | Finite-Lived Intangible Liabilities | | | | | | | | | | | | | Below-market rent | $ | (202,319) | | | $ | 98,264 | | | $ | (104,055) | | | $ | (197,971) | | | $ | 78,140 | | | $ | (119,831) | | | Total intangible liabilities | $ | (202,319) | | | $ | 98,264 | | | $ | (104,055) | | | $ | (197,971) | | | $ | 78,140 | | | $ | (119,831) | |
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| Schedule of Finite-Lived Intangible Assets Future Amortization Expense |
Based on the intangible assets and liabilities recorded at December 31, 2025, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | Years Ending December 31, | | Net Decrease (Increase) in Lease Revenues | | Increase to Amortization | | Total | | 2026 | | $ | 15,862 | | | $ | 137,206 | | | $ | 153,068 | | | 2027 | | 14,564 | | | 125,231 | | | 139,795 | | | 2028 | | 12,950 | | | 114,466 | | | 127,416 | | | 2029 | | 12,466 | | | 104,714 | | | 117,180 | | | 2030 | | 11,818 | | | 98,106 | | | 109,924 | | | Thereafter | | (1,146) | | | 745,055 | | | 743,909 | | | Total | | $ | 66,514 | | | $ | 1,324,778 | | | $ | 1,391,292 | |
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