| Intangibles |
Note 6 - Intangibles The gross carrying amount and accumulated amortization of the Company's intangible assets consisted of the following as of the dates indicated ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Intangible assets: |
|
|
|
|
|
|
In-place lease intangibles |
|
$ |
72,857 |
|
|
$ |
36,313 |
|
Above-market lease intangibles |
|
|
2,415 |
|
|
|
1,338 |
|
Total intangible assets |
|
|
75,272 |
|
|
|
37,651 |
|
Accumulated amortization: |
|
|
|
|
|
|
In-place lease amortization |
|
|
(11,369 |
) |
|
|
(4,672 |
) |
Above-market lease amortization |
|
|
(339 |
) |
|
|
(138 |
) |
Total real estate intangible assets, net |
|
$ |
63,564 |
|
|
$ |
32,841 |
|
Intangible liabilities |
|
|
|
|
|
|
Below-market lease intangibles |
|
$ |
(25,638 |
) |
|
$ |
(10,855 |
) |
Total intangible liabilities |
|
|
(25,638 |
) |
|
|
(10,855 |
) |
Accumulated amortization: |
|
|
|
|
|
|
Below-market lease amortization |
|
|
2,217 |
|
|
|
1,014 |
|
Total real estate intangible liabilities, net |
|
$ |
(23,421 |
) |
|
$ |
(9,841 |
) |
The estimated future amortization on the Company's intangibles for each of the next five years and thereafter as of December 31, 2025, is as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-Place Lease Intangibles |
|
|
Above-Market Intangibles |
|
|
Below-Market Intangibles |
|
2026 |
|
|
8,005 |
|
|
|
318 |
|
|
|
(2,047 |
) |
2027 |
|
|
6,880 |
|
|
|
318 |
|
|
|
(2,047 |
) |
2028 |
|
|
6,862 |
|
|
|
318 |
|
|
|
(2,038 |
) |
2029 |
|
|
6,830 |
|
|
|
318 |
|
|
|
(2,021 |
) |
2030 |
|
|
6,612 |
|
|
|
318 |
|
|
|
(1,951 |
) |
Thereafter |
|
|
26,299 |
|
|
|
486 |
|
|
|
(13,317 |
) |
|
|
$ |
61,488 |
|
|
$ |
2,076 |
|
|
$ |
(23,421 |
) |
|