
	March 31, 2026
in thousands	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease intangibles	$	68,486	$	(37,127)	$	31,359
Leasing commissions	10,781		(3,419)		7,362
Above-market lease intangibles	1,951		(761)		1,190
Total intangible assets, net	$	81,218	$	(41,307)	$	39,911

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below-market lease intangibles	$	11,844	$	(4,009)	$	7,835
Total intangible liabilities, net	$	11,844	$	(4,009)	$	7,835


	December 31, 2025
in thousands	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease intangibles	$	68,725	$	(34,418)	$	34,307
Leasing commissions	10,730		(3,063)		7,667
Above-market lease intangibles	1,951		(718)		1,233
Total intangible assets, net	$	81,406	$	(38,199)	$	43,207

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below-market lease intangibles	$	11,875	$	(3,421)	$	8,454
Total intangible liabilities, net	$	11,875	$	(3,421)	$	8,454

The estimated future amortization of our intangibles for each of the next five years and thereafter as of March 31, 2026 is:


in thousands	In-place Lease Intangibles		Leasing Commissions		Above-market Lease Intangibles		Below-market Lease Intangibles
2026 (remainder)	$	6,709	$	1,018	$	133	$	(1,670)
2027	6,357		1,227		175		(2,091)
2028	4,220		1,093		175		(1,155)
2029	3,870		954		164		(943)
2030	3,404		859		94		(595)
2031	4,413		1,121		94		(533)
Thereafter	2,386		1,090		355		(848)
	$	31,359	$	7,362	$	1,190	$	(7,835)