v3.26.1
Acquired Lease Intangibles (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Summary of Acquired Lease Intangible Assets and Liabilities The following table summarizes our acquisition related intangible assets, including the value of in-place tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition related intangible liabilities, including below-market tenant leases (in thousands): 
 June 30, 2026December 31, 2025
Acquired Lease Intangible Assets:  
In-place lease intangibles$350,315 $398,161 
Accumulated amortization(262,656)(289,347)
In-place lease intangibles, net$87,659 $108,814 
Above-market tenant leases$40,012 $48,079 
Accumulated amortization(25,453)(28,619)
Above-market tenant leases, net$14,559 $19,460 
Below-market ground lease$12,976 $12,976 
Accumulated amortization(705)(623)
Below-market ground lease, net$12,271 $12,353 
Acquired lease intangible assets, net$114,489 $140,627 
Acquired Lease Intangible Liabilities:  
Below-market tenant leases$(261,388)$(274,353)
Accumulated amortization
155,532 157,866 
Below-market tenant leases, net$(105,856)$(116,487)
Acquired lease intangible liabilities, net$(105,856)$(116,487)
Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and six months ended June 30, 2026 and 2025 (in thousands):
 Three Months Ended June 30,Six Months Ended June 30,
 2026202520262025
In-place lease intangibles(1)
$7,820 $11,316 $16,575 $27,813 
Net below-market tenant leases(2)
$(2,945)$(4,928)$(6,732)$(13,254)
Below-market ground leases(3)
$41 $41 $82 $82 
(1)The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.
(2)The amortization of net below-market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.
(3)The amortization of below-market ground lease is recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.