The gross carrying amount and accumulated amortization of the Company’s identified intangible lease assets and liabilities consisted of the following:


		December 31, 2025
	Weighted Average Life (Years)	Intangible Lease Assets, Gross		Accumulated Amortization		Intangible Lease Assets, Net
Intangible lease assets:
In-place lease intangibles	7.7	$	335,375	$	(6,342)	$	329,033
Acquired above-market leases	5.9	58,472		(850)		57,622
Other lease intangible assets	4.7	128,219		(2,091)		126,128
Total	6.1	$	522,066	$	(9,283)	$	512,783

	Weighted Average Life (Years)	Intangible Lease Liabilities, Gross		Accumulated Amortization		Intangible Lease Liabilities, Net
Intangible lease liabilities:
Acquired below-market leases	13.1	$	516,534	$	(2,130)	$	514,404
Total	13.1	$	516,534	$	(2,130)	$	514,404

Amortization expense related to the intangible lease assets for the period from Inception through December 31, 2025 was $9,283, of which $8,433 and $850 is included in depreciation and amortization and rental revenue, respectively within the Consolidated Statement of Operations. Amortization expense related to the intangible lease liabilities for the period from Inception through December 31, 2025 was $2,130 and is included in rental revenue within the Consolidated Statement of Operations. The amount included in rental revenue is related to acquired above and below market leases and is a net reduction to revenue.

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


	In-Place Leases		Acquired Above Market Leases		Other Lease Intangible Assets		Acquired Below Market Leases
2026	$	61,855	$	10,196	$	21,692	$	(25,559)
2027	30,865		8,455		16,330		(25,336)
2028	22,871		6,177		15,511		(24,323)
2029	19,239		5,199		14,122		(23,924)
2030	16,587		3,979		11,869		(22,729)
Thereafter	177,616		23,616		46,604		(392,533)
Total	$	329,033	$	57,622	$	126,128	$	(514,404)