v3.26.1
Intangible Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following (in thousands):

June 30, 2026December 31, 2025
Gross
Carrying
Amount		Accumulated AmortizationNet Carrying AmountGross
Carrying
Amount		Accumulated AmortizationNet Carrying Amount
Assets:
In-place leases$262,658 $(89,163)$173,495 $228,508 $(77,628)$150,880 
Above-market leases23,246 (7,053)16,193 22,696 (6,567)16,129 
Lease incentives9,299 (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 
Weighted Average Amortization Period for Intangible Assets and Liabilities
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, 2026December 31, 2025
In-place leases8.78.7
Above-market leases11.211.9
Below-market leases9.19.5
Lease incentives8.98.9
Amortization of Intangible Assets and Liabilities 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,
2026202520262025
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 liabilities591 629 1,187 1,269 
Lease incentives(262)(251)(469)(443)
$(112)$6 $(159)$76 
Projected Amortization of Intangible Assets and Liabilities
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 20262027202820292030ThereafterTotal
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 liabilities1,174 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)
Schedule of Projected Amortization of In-place Lease Assets
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 20262027202820292030ThereafterTotal
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 liabilities1,174 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)