v3.26.1
INTANGIBLE ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES

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NOTE 8. INTANGIBLE 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, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):

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As of

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June 30,
2026

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December 31,
2025

Intangible Lease Assets:

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Value of In-Place Leases

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$

94,980

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$

99,346

Value of Above Market In-Place Leases

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19,145

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23,052

Value of Intangible Leasing Costs

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30,961

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​

29,963

Sub-total Intangible Lease Assets

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145,086

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152,361

Accumulated Amortization

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(61,295)

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(67,651)

Sub-total Intangible Lease Assets—Net

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83,791

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84,710

Intangible Lease Liabilities:

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Value of Below Market In-Place Leases

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(42,333)

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(42,144)

Sub-total Intangible Lease Liabilities

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(42,333)

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​

(42,144)

Accumulated Amortization

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10,761

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10,658

Sub-total Intangible Lease Liabilities—Net

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(31,572)

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(31,486)

Total Intangible Assets and Liabilities—Net

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$

52,219

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$

53,224

 

 

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):

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Three Months Ended June 30,

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Six Months Ended June 30,

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2026

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2025

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2026

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2025

Amortization Expense

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$

6,006

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$

6,287

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$

12,300

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$

12,316

Accretion to Income Properties Revenue

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(699)

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(267)

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(1,609)

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​

(716)

Net Amortization of Intangible Assets and Liabilities

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$

5,307

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$

6,020

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$

10,691

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$

11,600

 

 

Amortization expense and accretion to income properties revenue for the three and six months ended June 30, 2026 includes $0.1 million and $0.4 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period. For the three and six months ended June 30, 2025, amortization expense and accretion to income properties revenue included $0.6 million and $1.3 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period.

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):

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The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):

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As of June 30, 2026

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Future Amortization Expense

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Future Accretion to Income Property Revenue

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Net Future Amortization of Intangible Assets and Liabilities

Remainder of 2026

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$

10,895

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$

(1,617)

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$

9,278

2027

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17,726

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(2,644)

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15,082

2028

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12,581

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(2,556)

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10,025

2029

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8,425

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(2,490)

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5,935

2030

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6,689

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(2,091)

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4,598

2031

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5,595

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(2,132)

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3,463

2032 and Thereafter

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12,853

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(9,015)

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3,838

Total

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$

74,764

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$

(22,545)

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$

52,219

 

 

As of June 30, 2026, the weighted average amortization period of total intangible assets and liabilities was 7.8 years and 9.9 years, respectively.