The following table summarizes the Company’s identified intangible assets and liabilities as of March 31, 2026 and December 31, 2025:


	March 31, 2026			December 31, 2025
Intangible assets:
Acquired in-place lease value	$	183,305		$	183,305
Acquired above market lease value		52,640			52,640
Accumulated amortization		(198,529	)		(196,590	)
Acquired lease intangibles, net	$	37,416		$	39,355
Intangible liabilities:
Acquired below market lease value	$	79,914		$	79,914
Accumulated amortization		(49,870	)		(49,153	)
Acquired below market lease intangibles, net	$	30,044		$	30,761

The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term.

Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below:


	Three Months Ended March 31,
	2026			2025
Amortization recorded as amortization expense:
Acquired in-place lease value	$	1,293		$	1,872
Amortization recorded as a (reduction) increase to rental income:
Acquired above market leases	$	(646	)	$	(772	)
Acquired below market leases		717			805
Net rental income increase	$	71		$	33

Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2026 for each of the five succeeding years and thereafter is as follows:


	Acquired In-Place Leases		Above Market Leases		Below Market Leases
2026 (remainder of year)	$	3,644	$	1,805	$	2,131
2027		3,562		1,837		2,692
2028		2,864		1,590		2,560
2029		2,580		1,508		2,485
2030		2,007		1,435		2,269
Thereafter		9,029		5,555		17,907
Total	$	23,686	$	13,730	$	30,044