Deferred Leasing Costs and Other Intangibles (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Schedule of Finite-Lived Intangible Assets |
The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale at June 30, 2026 and December 31, 2025 are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Deferred Leasing Costs and Intangible Assets | | | | | | | | In-place lease values | | $ | 23,905 | | | $ | (23,248) | | | $ | 657 | | | Deferred leasing costs | | 12,884 | | | (9,286) | | | 3,598 | | | Above-market lease values | | 7,324 | | | (7,242) | | | 82 | | | | $ | 44,113 | | | $ | (39,776) | | | $ | 4,337 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Deferred Leasing Costs and Intangible Assets | | | | | | | | In-place lease values | | $ | 52,028 | | | $ | (32,762) | | | $ | 19,266 | | | Deferred leasing costs | | 20,499 | | | (12,836) | | | 7,663 | | | Above-market lease values | | 8,517 | | | (7,800) | | | 717 | | | | $ | 81,044 | | | $ | (53,398) | | | $ | 27,646 | | | Intangible Liabilities | | | | | | | | Below-market lease values | | $ | 776 | | | $ | (387) | | | $ | 389 | |
|
| Schedule of Deferred Leasing Costs |
The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale at June 30, 2026 and December 31, 2025 are as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | | Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Deferred Leasing Costs and Intangible Assets | | | | | | | | In-place lease values | | $ | 23,905 | | | $ | (23,248) | | | $ | 657 | | | Deferred leasing costs | | 12,884 | | | (9,286) | | | 3,598 | | | Above-market lease values | | 7,324 | | | (7,242) | | | 82 | | | | $ | 44,113 | | | $ | (39,776) | | | $ | 4,337 | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | | Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Deferred Leasing Costs and Intangible Assets | | | | | | | | In-place lease values | | $ | 52,028 | | | $ | (32,762) | | | $ | 19,266 | | | Deferred leasing costs | | 20,499 | | | (12,836) | | | 7,663 | | | Above-market lease values | | 8,517 | | | (7,800) | | | 717 | | | | $ | 81,044 | | | $ | (53,398) | | | $ | 27,646 | | | Intangible Liabilities | | | | | | | | Below-market lease values | | $ | 776 | | | $ | (387) | | | $ | 389 | |
|
| Schedule of Deferred Costs and Other Intangible Assets and Liabilities |
The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three and six months ended June 30, 2026 and 2025 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | | | Above-market lease values | | $ | (3) | | | $ | (297) | | | $ | (6) | | | $ | (679) | | | | | Below-market lease values | | — | | | 296 | | | 2 | | | 619 | | | | | Net decrease to property operating income | | $ | (3) | | | $ | (1) | | | $ | (4) | | | $ | (60) | | | | | | | | | | | | | | | | In-place lease values | | $ | 2,285 | | | $ | 2,558 | | | $ | 4,575 | | | $ | 5,398 | | | | | Deferred leasing costs | | 318 | | | 610 | | | 640 | | | 1,236 | | | | | | | | | | | | | | | | Amortization expense | | $ | 2,603 | | | $ | 3,168 | | | $ | 5,215 | | | $ | 6,634 | | | |
|