The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities, not fully amortized, consisted of the following ($ in thousands):


	December 31, 2025			December 31, 2024
Intangible assets:
In-place lease intangibles	$	77,750		$	20,964
Above-market lease intangibles		3,124			2,329
Total intangible assets		80,874			23,293
Accumulated amortization:
In-place lease amortization		(21,448	)		(2,526	)
Above-market lease amortization		(878	)		(460	)
Total accumulated amortization		(22,326	)		(2,986	)
Intangible assets, net	$	58,548		$	20,307
Intangible liabilities:
Below-market lease intangibles	$	(11,522	)	$	(3,159	)
Accumulated amortization:
Below-market lease amortization		3,087			362
Intangible liabilities, net	$	(8,435	)	$	(2,797	)

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 Lease Intangibles		Below-market Lease Intangibles
2026	$	12,843	$	525	$	(2,465	)
2027		8,695		515		(1,746	)
2028		7,257		504		(1,481	)
2029		5,730		388		(931	)
2030		4,705		314		(874	)
Thereafter		17,072		-		(938	)
Total	$	56,302	$	2,246	$	(8,435	)

The in-place lease intangible amortization is recorded in depreciation and amortization while the above-market and below-market intangible amortization is recorded in rental revenue on the Company’s Consolidated Statements of Operations.

The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles for the properties acquired during the year ended December 31, 2025 were 8.1 years, 4.9 years and 4.3 years, respectively.