| Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities |
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):
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June 30, 2026 |
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December 31, 2025 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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Amortizable Intangible Assets |
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In-place lease intangible assets |
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$ |
340,762 |
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$ |
(243,888 |
) |
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96,874 |
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$ |
408,015 |
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$ |
(289,643 |
) |
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$ |
118,372 |
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Above-market rent |
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20,821 |
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(17,749 |
) |
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3,072 |
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32,608 |
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(22,741 |
) |
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9,867 |
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$ |
361,583 |
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$ |
(261,637 |
) |
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$ |
99,946 |
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$ |
440,623 |
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$ |
(312,384 |
) |
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$ |
128,239 |
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Amortizable Intangible Liabilities |
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Below-market rent |
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$ |
(205,990 |
) |
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$ |
122,942 |
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$ |
(83,048 |
) |
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$ |
(223,893 |
) |
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$ |
128,072 |
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$ |
(95,821 |
) |
Above-market ground lease |
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(671 |
) |
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530 |
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(141 |
) |
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(671 |
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501 |
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(170 |
) |
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$ |
(206,661 |
) |
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$ |
123,472 |
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$ |
(83,189 |
) |
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$ |
(224,564 |
) |
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$ |
128,573 |
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$ |
(95,991 |
) |
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| Schedule of Amortization Included in the Accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) |
The amounts of such amortization included in the accompanying consolidated statements of operations and comprehensive income (loss) are as follows (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 |
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Amortization of in-place lease intangibles |
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$ |
6,796 |
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$ |
8,871 |
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$ |
16,880 |
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$ |
18,392 |
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Amortization of above-market rent and below-market rent |
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(2,098 |
) |
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(2,276 |
) |
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(5,446 |
) |
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(4,459 |
) |
Amortization of above-market ground leases |
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(15 |
) |
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(15 |
) |
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(29 |
) |
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(29 |
) |
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