Intangibles (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Finite-Lived Intangible Assets |
The following table summarizes the identified intangible assets:
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December 31, 2025 |
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December 31, 2024 |
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Intangible assets: |
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Intangible lease
assets, gross |
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Accumulated
amortization |
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Intangible lease
assets, net |
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Weighted-average
life (Years) |
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Intangible lease
assets, gross |
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Accumulated
amortization |
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Intangible lease
assets, net |
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Weighted-average
life (Years) |
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In-place leases |
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$ |
230,514 |
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$ |
(13,420 |
) |
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$ |
217,094 |
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11.9 |
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$ |
75,677 |
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$ |
(2,270 |
) |
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$ |
73,407 |
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12.8 |
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Leasing commissions |
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72,141 |
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(3,982 |
) |
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68,159 |
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12.1 |
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15,766 |
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(532 |
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15,234 |
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10.1 |
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Above-market lease |
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53,525 |
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(2,739 |
) |
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50,786 |
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12.1 |
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6,256 |
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(315 |
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5,941 |
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12.6 |
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Total intangible assets: |
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$ |
356,180 |
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$ |
(20,141 |
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$ |
336,039 |
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12.0 |
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$ |
97,699 |
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$ |
(3,117 |
) |
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$ |
94,582 |
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12.4 |
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| Schedule of Below Market Leases |
The following table summarizes the identified intangible liabilities:
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December 31, 2025 |
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December 31, 2024 |
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Intangible liabilities: |
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Intangible lease
liabilities, gross |
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Accumulated
amortization |
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Intangible lease
liabilities, net |
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Weighted-average
life (Years) |
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Intangible lease
liabilities, gross |
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Accumulated
amortization |
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Intangible lease
liabilities, net |
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Weighted-average
life (Years) |
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Below-market lease |
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$ |
71,203 |
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$ |
(3,844 |
) |
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$ |
67,359 |
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13.1 |
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$ |
26,910 |
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$ |
(703 |
) |
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$ |
26,207 |
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16.8 |
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Total intangible liabilities: |
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$ |
71,203 |
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$ |
(3,844 |
) |
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$ |
67,359 |
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13.1 |
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$ |
26,910 |
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$ |
(703 |
) |
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$ |
26,207 |
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16.8 |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
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:
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Year |
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In-place leases |
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Leasing
commissions |
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Above-market
lease |
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Below-market
lease |
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2026 |
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$ |
21,478 |
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$ |
6,445 |
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$ |
4,321 |
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$ |
5,842 |
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2027 |
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21,471 |
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7,431 |
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4,321 |
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5,842 |
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2028 |
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21,394 |
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7,423 |
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4,321 |
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5,842 |
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2029 |
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21,394 |
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7,423 |
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4,321 |
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5,842 |
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2030 |
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20,587 |
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6,519 |
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4,321 |
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5,833 |
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Thereafter |
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110,770 |
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32,918 |
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29,181 |
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38,158 |
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Total |
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$ |
217,094 |
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$ |
68,159 |
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$ |
50,786 |
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$ |
67,359 |
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