| Intangible Assets and Liabilities |
Note 4. Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following: | | | | | | | | | | | | | | December 31, 2025 | | | Gross | | | | | | Weighted average | | | carrying | | Accumulated | | Net carrying | | amortization | | | amount | | amortization | | amount | | period (years) | Intangible assets | | | | | | | | | | | | In-place lease intangibles | | $ | 57,946 | | $ | (15,195) | | $ | 42,751 | | 15.9 | Above-market lease | | | 120 | | | (26) | | | 94 | | 22.3 | Other lease intangibles | | | 1,356 | | | (309) | | | 1,047 | | 19.3 | Total intangible assets | | $ | 59,422 | | $ | (15,530) | | $ | 43,892 | | 16.00 | | | | | | | | | | | | | Intangible liabilities | | | | | | | | | | | | Below-market leases | | $ | 7,191 | | $ | (797) | | $ | 6,394 | | 12.2 | Total intangible liabilities | | $ | 7,191 | | $ | (797) | | $ | 6,394 | | 12.2 |
| | | | | | | | | | | | | | December 31, 2024 | | | Gross | | | | | | Weighted average | | | carrying | | Accumulated | | Net carrying | | amortization | | | amount | | amortization | | amount | | period (years) | Intangible assets | | | | | | | | | | | | In-place lease intangibles | | $ | 47,572 | | $ | (11,936) | | $ | 35,636 | | 16.8 | Above-market lease | | | 121 | | | (21) | | | 100 | | 22.3 | Other lease intangibles | | | 1,432 | | | (314) | | | 1,118 | | 19.1 | Total intangible assets | | $ | 49,125 | | $ | (12,271) | | $ | 36,854 | | 16.9 | | | | | | | | | | | | | Intangible liabilities | | | | | | | | | | | | Below-market leases | | $ | 1,613 | | $ | (548) | | $ | 1,065 | | 13.1 | Total intangible liabilities | | $ | 1,613 | | $ | (548) | | $ | 1,065 | | 13.1 |
The Company records amortization of in-place lease assets to amortization expense and records net amortization of above-market and below-market lease intangibles to rental revenue. Amortization expense for the years ended December 31, 2025 and December 31, 2024 was $3,018 and $3,019, of which $3,261 and $2,903 was included in depreciation and amortization and ($243) and ($116) was included in rental revenue, respectively. The estimated future amortization of in-place lease assets and other lease intangibles are as follows: | | | | | | | | | | | | | | | In-place lease | | Above-market | | Other lease | | Below-market lease | | | assets | | lease asset | | intangible assets | | liabilities | 2026 | | $ | 3,889 | | $ | 6 | | $ | 71 | | $ | 593 | 2027 | | | 3,889 | | | 6 | | | 71 | | | 593 | 2028 | | | 3,889 | | | 6 | | | 71 | | | 593 | 2029 | | | 3,889 | | | 6 | | | 71 | | | 593 | 2030 | | | 3,889 | | | 6 | | | 71 | | | 593 | Thereafter | | | 23,306 | | | 64 | | | 692 | | | 3,429 | Total | | $ | 42,751 | | $ | 94 | | $ | 1,047 | | $ | 6,394 |
|