Intangible Assets and Liabilities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Intangible Assets and Liabilities |
Intangible assets and liabilities consisted of the following as of June 30, 2026:
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June 30, 2026 |
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Weighted average |
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Gross carrying |
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Accumulated |
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Net carrying |
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amortization |
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amount |
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amortization |
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amount |
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period (years) |
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In-place leases |
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$ |
135,253,000 |
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$ |
(59,174,000 |
) |
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$ |
76,079,000 |
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6.0 |
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Above-market leases |
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5,773,000 |
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(2,382,000 |
) |
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3,391,000 |
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6.1 |
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Total intangible lease assets, net |
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$ |
141,026,000 |
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$ |
(61,556,000 |
) |
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$ |
79,470,000 |
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Below-market leases |
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$ |
39,681,000 |
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$ |
(14,704,000 |
) |
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$ |
24,977,000 |
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10.2 |
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| Schedule of Amortization of Intangible Assets and Liability |
Amortization of intangible assets and liabilities for the three and six months ended June 30, 2026 and 2025 were as follows:
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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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Net adjustment to rental revenue |
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$ |
593,000 |
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$ |
626,000 |
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$ |
1,195,000 |
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$ |
1,236,000 |
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Amortization of in-place leases |
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$ |
4,340,000 |
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$ |
3,224,000 |
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$ |
7,531,000 |
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$ |
6,469,000 |
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| Schedule of Finite-Lived Intangible future amortization of lease assets to amortization expense of above-market and below-market lease intangibles to rental revenue |
The estimated future amortization of lease assets to amortization expense and the amortization of above-market and below-market lease intangibles to rental revenue as of June 30, 2026 are as follows:
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Amortization |
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Rental revenue |
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In-place |
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Above-market |
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Below-market |
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lease assets |
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leases |
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leases |
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Total |
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Remainder of 2026 |
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$ |
10,435,000 |
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$ |
(426,000 |
) |
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$ |
1,849,000 |
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$ |
1,423,000 |
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2027 |
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18,299,000 |
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(754,000 |
) |
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3,294,000 |
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2,540,000 |
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2028 |
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14,128,000 |
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(629,000 |
) |
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3,024,000 |
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2,395,000 |
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2029 |
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10,230,000 |
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(517,000 |
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2,782,000 |
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2,265,000 |
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2030 |
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6,623,000 |
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(373,000 |
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2,558,000 |
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2,185,000 |
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Thereafter |
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16,364,000 |
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(692,000 |
) |
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11,470,000 |
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10,778,000 |
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Total |
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$ |
76,079,000 |
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$ |
(3,391,000 |
) |
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$ |
24,977,000 |
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$ |
21,586,000 |
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