| Other Assets and Intangibles, net |
3.Other Assets and Intangibles, net Other assets, liabilities and intangibles consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
Asset |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets, net: |
|
|
|
|
|
|
|
|
In-place leases |
$ |
150,092 |
|
|
$ |
(57,355 |
) |
|
$ |
92,737 |
|
Above-market leases |
|
11,179 |
|
|
|
(3,469 |
) |
|
|
7,710 |
|
Lease origination costs |
|
33,792 |
|
|
|
(9,082 |
) |
|
|
24,710 |
|
Tenant relationships |
|
651 |
|
|
|
(557 |
) |
|
|
94 |
|
Below-market leases (as lessee) |
|
14,893 |
|
|
|
(122 |
) |
|
|
14,771 |
|
Total intangible assets, net |
$ |
210,607 |
|
|
$ |
(70,585 |
) |
|
$ |
140,022 |
|
Other assets: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
|
|
|
4,405 |
|
Other assets(A) |
|
|
|
|
|
|
|
11,778 |
|
Deposits |
|
|
|
|
|
|
|
674 |
|
Deferred charges, net |
|
|
|
|
|
|
|
2,529 |
|
Total other assets |
|
|
|
|
|
|
$ |
19,386 |
|
|
Liability |
|
|
Accumulated Amortization |
|
|
Net |
|
Below-market leases, net |
$ |
81,428 |
|
|
$ |
(13,739 |
) |
|
$ |
67,689 |
|
(A)Includes $9.5 million of acquisition escrow deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
Asset |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets, net: |
|
|
|
|
|
|
|
|
In-place leases |
$ |
141,231 |
|
|
$ |
(49,660 |
) |
|
$ |
91,571 |
|
Above-market leases |
|
10,645 |
|
|
|
(3,067 |
) |
|
|
7,578 |
|
Lease origination costs |
|
31,387 |
|
|
|
(7,911 |
) |
|
|
23,476 |
|
Tenant relationships |
|
651 |
|
|
|
(551 |
) |
|
|
100 |
|
Below-market leases (as lessee) |
|
14,893 |
|
|
|
(105 |
) |
|
|
14,788 |
|
Total intangible assets, net |
$ |
198,807 |
|
|
$ |
(61,294 |
) |
|
$ |
137,513 |
|
Other assets: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
|
|
|
1,143 |
|
Other assets(A) |
|
|
|
|
|
|
|
4,864 |
|
Deposits |
|
|
|
|
|
|
|
1,470 |
|
Deferred charges, net |
|
|
|
|
|
|
|
2,782 |
|
Total other assets |
|
|
|
|
|
|
$ |
10,259 |
|
|
Liability |
|
|
Accumulated Amortization |
|
|
Net |
|
Below-market leases, net |
$ |
78,781 |
|
|
$ |
(12,083 |
) |
|
$ |
66,698 |
|
(A)Includes $3.3 million of acquisition escrow deposits. Amortization for the three months ended March 31, 2026 and 2025 related to the Company’s intangibles, excluding Below-market leases (as lessee), was as follows (in thousands):
|
|
|
|
|
|
|
|
|
Year |
|
Income |
|
|
Expense |
|
Three months ended March 31, 2026 |
|
$ |
1,677 |
|
|
$ |
9,521 |
|
Three months ended March 31, 2025 |
|
|
930 |
|
|
|
4,410 |
|
|