
	June 30, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Assets:
In-place leases	$	262,658	$	(89,163)	$	173,495	$	228,508	$	(77,628)	$	150,880
Above-market leases	23,246		(7,053)		16,193		22,696		(6,567)		16,129
Lease incentives	9,299		(2,710)		6,589		8,678		(2,247)		6,431
Total intangible assets	$	295,203	$	(98,926)	$	196,277	$	259,882	$	(86,442)	$	173,440

Liabilities:
Below-market leases	$	28,518	$	(12,851)	$	15,667	$	28,627	$	(11,717)	$	16,910

The remaining weighted average amortization period for the Company’s intangible assets and liabilities by category were as follows:


	Years Remaining as of
	June 30, 2026	December 31, 2025
In-place leases	8.7	8.7
Above-market leases	11.2	11.9
Below-market leases	9.1	9.5

Lease incentives	8.9	8.9

The Company records amortization of in-place lease assets to amortization expense, and records net amortization of above-market and below-market lease intangibles as well as amortization of lease incentives to rental revenue. The following amounts in the accompanying condensed consolidated statements of operations and comprehensive income (loss) related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):




	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Amortization:
Amortization of in-place leases	$	6,565	$	5,661	$	12,878	$	11,217



Net adjustment to rental revenue:
Above-market lease assets	(441)		(372)		(877)		(750)
Below-market lease liabilities	591		629		1,187		1,269
Lease incentives	(262)		(251)		(469)		(443)
	$	(112)	$	6	$	(159)	$	76

The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of June 30, 2026, for the next five years and thereafter (in thousands):


	Remainder of 2026		2027		2028		2029		2030		Thereafter		Total
In-place leases	$	14,152	$	26,510	$	23,644	$	21,125	$	18,047	$	70,017	$	173,495

Above-market lease assets	(931)		(1,833)		(1,802)		(1,632)		(1,402)		(8,593)		(16,193)
Below-market lease liabilities	1,174		2,288		2,161		1,981		1,810		6,253		15,667
Lease incentives	(453)		(851)		(821)		(782)		(779)		(2,903)		(6,589)
Net adjustment to rental revenue	$	(210)	$	(396)	$	(462)	$	(433)	$	(371)	$	(5,243)	$	(7,115)