INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

6. INTANGIBLE ASSETS AND LIABILITIES

As of June 30, 2026 and December 31, 2025, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	June 30, 2026
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	24,422	$	(10,646)	$	13,776
Tenant relationship value	110		(63)		47
Above market leases acquired	75		(66)		9


Total intangible assets, net	$	24,607	$	(10,775)	$	13,832

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	21,333	$	(8,978)	$	12,355


	December 31, 2025
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	24,949	$	(8,099)	$	16,850
Tenant relationship value	110		(61)		49
Above market leases acquired	5,599		(72)		5,527


Total intangible assets, net	$	30,658	$	(8,232)	$	22,426

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	21,333	$	(8,620)	$	12,713

As of June 30, 2026, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2026 (six months remaining)	$	2,103	$	358
2027	1,246		688
2028	929		603
2029	929		603
2030	929		603
Thereafter	7,696		9,500


Total	$	13,832	$	12,355