| Schedule of components of intangible lease assets and liabilities |
Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs. Intangible assets and liabilities consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands): | | | | | | | | | As of | | | June 30, 2026 | | December 31, 2025 | Intangible Lease Assets: | | | | | | | Value of In-Place Leases | | $ | 58,688 | | $ | 56,614 | Value of Above Market In-Place Leases | | | 1,778 | | | 1,708 | Value of Intangible Leasing Costs | | | 19,785 | | | 19,457 | Sub-total Intangible Lease Assets | | | 80,251 | | | 77,779 | Accumulated Amortization | | | (34,100) | | | (28,854) | Sub-total Intangible Lease Assets—Net | | | 46,151 | | | 48,925 | Intangible Lease Liabilities: | | | | | | | Value of Below Market In-Place Leases | | | (7,919) | | | (7,763) | Sub-total Intangible Lease Liabilities | | | (7,919) | | | (7,763) | Accumulated Amortization | | | 3,317 | | | 2,792 | Sub-total Intangible Lease Liabilities—Net | | | (4,602) | | | (4,971) | Total Intangible Assets and Liabilities—Net | | $ | 41,549 | | $ | 43,954 |
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| Schedule of amortization of intangible assets and liabilities |
The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | Amortization Expense | | $ | 2,529 | | $ | 2,077 | | $ | 5,169 | | $ | 4,596 | Accretion to Properties Revenue | | | (241) | | | (166) | | | (477) | | | (246) | Net Amortization of Intangible Assets and Liabilities | | $ | 2,288 | | $ | 1,911 | | $ | 4,692 | | $ | 4,350 |
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| Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities |
The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): | | | | | | | | | | Year Ending December 31, | | Future Amortization Expense | | Future Accretion to Property Revenue | | Net Future Amortization of Intangible Assets and Liabilities | Remainder of 2026 | | $ | 5,127 | | $ | (468) | | $ | 4,659 | 2027 | | | 8,843 | | | (968) | | | 7,875 | 2028 | | | 7,218 | | | (789) | | | 6,429 | 2029 | | | 6,271 | | | (551) | | | 5,720 | 2030 | | | 5,281 | | | (357) | | | 4,924 | 2031 | | | 4,614 | | | (302) | | | 4,312 | 2032 and Thereafter | | | 7,759 | | | (129) | | | 7,630 | Total | | $ | 45,113 | | $ | (3,564) | | $ | 41,549 |
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