Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities (Note 5) on the Condensed Consolidated Balance Sheets and summarized as follows (in thousands):


	June 30, 2026									December 31, 2025
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	340,762		$	(243,888	)		96,874		$	408,015		$	(289,643	)	$	118,372
Above-market rent		20,821			(17,749	)		3,072			32,608			(22,741	)		9,867
	$	361,583		$	(261,637	)	$	99,946		$	440,623		$	(312,384	)	$	128,239

Amortizable Intangible Liabilities
Below-market rent	$	(205,990	)	$	122,942		$	(83,048	)	$	(223,893	)	$	128,072		$	(95,821	)
Above-market ground lease		(671	)		530			(141	)		(671	)		501			(170	)
	$	(206,661	)	$	123,472		$	(83,189	)	$	(224,564	)	$	128,573		$	(95,991	)

Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense in the Condensed Consolidated Statements of Operations. Amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental revenue, respectively, in the Condensed Consolidated Statements of Operations. Amortization of above-market ground leases is recorded as a reduction to rent expense on the Condensed Consolidated Statements of Operations.

The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income (loss) are as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Amortization of in-place lease intangibles	$	6,796		$	8,871		$	16,880		$	18,392
Amortization of above-market rent and below-market rent		(2,098	)		(2,276	)		(5,446	)		(4,459	)
Amortization of above-market ground leases		(15	)		(15	)		(29	)		(29	)