| Intangibles |
5. Intangibles The following table summarizes the identified intangible assets:
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March 31, 2026 |
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December 31, 2025 |
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Intangible assets: |
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Intangible lease
assets, gross |
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Accumulated
amortization |
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Intangible lease
assets, net |
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Weighted-average
life (Years) |
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Intangible lease
assets, gross |
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Accumulated
amortization |
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Intangible lease
assets, net |
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Weighted-average
life (Years) |
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In-place leases |
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$ |
230,575 |
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$ |
(18,794 |
) |
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$ |
211,781 |
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11.7 |
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$ |
230,514 |
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$ |
(13,420 |
) |
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$ |
217,094 |
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11.9 |
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Leasing commissions |
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72,141 |
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(5,584 |
) |
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66,557 |
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12.0 |
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72,141 |
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(3,982 |
) |
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68,159 |
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12.1 |
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Above-market lease |
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53,525 |
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(3,821 |
) |
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49,704 |
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11.9 |
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53,525 |
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(2,739 |
) |
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50,786 |
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12.1 |
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Total intangible assets: |
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$ |
356,241 |
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$ |
(28,199 |
) |
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$ |
328,042 |
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11.8 |
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$ |
356,180 |
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$ |
(20,141 |
) |
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$ |
336,039 |
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12.0 |
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During the three months ended March 31, 2026 and 2025, the Company recognized $6,976 and $2,370, respectively, of amortization related to its in-place lease intangible assets and leasing commissions, which is recorded as a component of depreciation and amortization in the condensed consolidated statements of operations. During the three months ended March 31, 2026 and 2025, the Company recognized $1,082 and $122, respectively, of amortization related to above-market lease intangible assets, which is recorded as a decrease to rental revenue in the condensed consolidated statements of operations. The following table summarizes the identified intangible liabilities:
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March 31, 2026 |
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December 31, 2025 |
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Intangible liabilities: |
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Intangible lease
liabilities, gross |
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Accumulated
amortization |
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Intangible lease
liabilities, net |
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Weighted-average
life (Years) |
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Intangible lease
liabilities, gross |
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Accumulated
amortization |
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Intangible lease
liabilities, net |
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Weighted-average
life (Years) |
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Below-market lease |
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$ |
71,203 |
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$ |
(5,304 |
) |
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$ |
65,899 |
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12.9 |
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$ |
71,203 |
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$ |
(3,844 |
) |
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$ |
67,359 |
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13.1 |
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Total intangible liabilities: |
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$ |
71,203 |
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$ |
(5,304 |
) |
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$ |
65,899 |
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12.9 |
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$ |
71,203 |
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$ |
(3,844 |
) |
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$ |
67,359 |
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13.1 |
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During the three months ended March 31, 2026 and 2025, the Company recognized $1,460 and $479, respectively, of amortization related to below-market lease intangible liabilities, which is recorded as an increase to rental revenue in the condensed consolidated statements of operations. The estimated future amortization of the Company’s intangible assets and liabilities for each of the next five years and thereafter as of March 31, 2026, is as follows:
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Year |
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In-place leases |
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Leasing
commissions |
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Above-market
lease |
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Below-market
lease |
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2026 (Remaining) |
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$ |
16,114 |
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$ |
5,278 |
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$ |
3,240 |
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$ |
4,381 |
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2027 |
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21,478 |
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7,037 |
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4,321 |
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5,842 |
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2028 |
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21,401 |
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7,029 |
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4,321 |
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5,842 |
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2029 |
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21,401 |
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7,029 |
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4,321 |
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5,842 |
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2030 |
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20,594 |
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6,125 |
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4,321 |
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|
5,833 |
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Thereafter |
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110,793 |
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34,059 |
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29,180 |
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|
38,159 |
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Total |
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$ |
211,781 |
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$ |
66,557 |
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$ |
49,704 |
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$ |
65,899 |
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