| Intangibles |
The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
March 31, 2026 |
|
|
December 31, 2025 |
|
Intangible assets: (1) |
|
|
|
|
|
|
|
In-place lease intangibles |
$ |
|
201,745 |
|
|
$ |
|
201,062 |
|
Above-market lease intangibles |
|
|
35,693 |
|
|
|
|
36,264 |
|
Other |
|
|
35,188 |
|
|
|
|
35,191 |
|
Total intangible assets |
|
|
272,626 |
|
|
|
|
272,517 |
|
Accumulated amortization: |
|
|
|
|
|
|
|
In-place lease amortization |
|
|
(101,565 |
) |
|
|
|
(98,526 |
) |
Above-market lease amortization |
|
|
(21,064 |
) |
|
|
|
(20,449 |
) |
Other |
|
|
(15,415 |
) |
|
|
|
(14,746 |
) |
Total accumulated amortization |
|
|
(138,044 |
) |
|
|
|
(133,721 |
) |
Intangible assets, net |
$ |
|
134,582 |
|
|
$ |
|
138,796 |
|
Intangible liabilities: (2) |
|
|
|
|
|
|
|
Below-market lease intangibles |
$ |
|
56,566 |
|
|
$ |
|
57,110 |
|
Total intangible liabilities |
|
|
56,566 |
|
|
|
|
57,110 |
|
Accumulated amortization: |
|
|
|
|
|
|
|
Below-market lease amortization |
|
|
(25,843 |
) |
|
|
|
(24,734 |
) |
Total accumulated amortization |
|
|
(25,843 |
) |
|
|
|
(24,734 |
) |
Intangible liabilities, net |
$ |
|
30,723 |
|
|
$ |
|
32,376 |
|
__________ (1)Included in Other assets on the Company’s Condensed Consolidated Balance Sheets. (2)Included in Other liabilities on the Company’s Condensed Consolidated Balance Sheets. The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of March 31, 2026 is as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-place
Lease Intangibles |
|
|
Above-market
Lease Intangibles |
|
|
Other |
|
|
Below-market
Lease Intangibles |
|
2026 (remaining) |
|
$ |
16,689 |
|
|
$ |
2,791 |
|
|
$ |
2,013 |
|
|
$ |
(3,491 |
) |
2027 |
|
|
18,217 |
|
|
|
3,085 |
|
|
|
2,684 |
|
|
|
(3,843 |
) |
2028 |
|
|
15,222 |
|
|
|
2,490 |
|
|
|
2,684 |
|
|
|
(3,804 |
) |
2029 |
|
|
12,916 |
|
|
|
2,322 |
|
|
|
2,684 |
|
|
|
(3,355 |
) |
2030 |
|
|
11,167 |
|
|
|
2,147 |
|
|
|
2,651 |
|
|
|
(3,517 |
) |
Thereafter |
|
|
25,969 |
|
|
|
1,794 |
|
|
|
7,057 |
|
|
|
(12,713 |
) |
|
|
$ |
100,180 |
|
|
$ |
14,629 |
|
|
$ |
19,773 |
|
|
$ |
(30,723 |
) |
|