
	December 31, 2025									December 31, 2024
Intangible assets:	Intangible lease assets, gross		Accumulated amortization			Intangible lease assets, net		Weighted-average life (Years)		Intangible lease assets, gross		Accumulated amortization			Intangible lease assets, net		Weighted-average life (Years)
In-place leases	$	230,514	$	(13,420	)	$	217,094		11.9	$	75,677	$	(2,270	)	$	73,407		12.8
Leasing commissions		72,141		(3,982	)		68,159		12.1		15,766		(532	)		15,234		10.1
Above-market lease		53,525		(2,739	)		50,786		12.1		6,256		(315	)		5,941		12.6
Total intangible assets:	$	356,180	$	(20,141	)	$	336,039		12.0	$	97,699	$	(3,117	)	$	94,582		12.4

During the years ended December 31, 2025 and 2024, the Company recognized $14,600 and $2,802, respectively, of amortization related to its in-place lease intangible assets and leasing commissions, which is recorded as a component of depreciation and amortization in the consolidated statements of operations. There was no amortization recorded by the Company in 2023.

During the years ended December 31, 2025 and 2024, the Company recognized $2,424 and $315, respectively, of amortization related to above-market lease intangible assets, which is recorded as a decrease to rental revenue in the consolidated statements of operations.

The following table summarizes the identified intangible liabilities:


	December 31, 2025									December 31, 2024
Intangible liabilities:	Intangible lease liabilities, gross		Accumulated amortization			Intangible lease liabilities, net		Weighted-average life (Years)		Intangible lease liabilities, gross		Accumulated amortization			Intangible lease liabilities, net		Weighted-average life (Years)
Below-market lease	$	71,203	$	(3,844	)	$	67,359		13.1	$	26,910	$	(703	)	$	26,207		16.8
Total intangible liabilities:	$	71,203	$	(3,844	)	$	67,359		13.1	$	26,910	$	(703	)	$	26,207		16.8

During the years ended December 31, 2025 and 2024, the Company recognized $3,141 and $703, respectively, of amortization related to below-market lease intangible liabilities, which is recorded as an increase to rental revenue in the consolidated statements of operations.

The estimated future amortization of the Company’s intangible assets and liabilities for each of the next five years and thereafter as of December 31, 2025, is as follows:


Year	In-place leases		Leasing commissions		Above-market lease		Below-market lease
2026	$	21,478	$	6,445	$	4,321	$	5,842
2027		21,471		7,431		4,321		5,842
2028		21,394		7,423		4,321		5,842
2029		21,394		7,423		4,321		5,842
2030		20,587		6,519		4,321		5,833
Thereafter		110,770		32,918		29,181		38,158
Total	$	217,094	$	68,159	$	50,786	$	67,359