
	June 30, 2026
	Gross carrying amount		Accumulated amortization			Net carrying amount		Weighted average amortization period (years)
Intangible assets
In-place lease intangibles	$	65,084	$	(17,178	)	$	47,906		15.9
Above-market leases		120		(29	)		91		22.3
Other lease intangibles		1,377		(345	)		1,032		19.3
Total intangible assets	$	66,581	$	(17,552	)	$	49,029		16.0

Intangible liabilities
Below-market leases	$	8,679	$	(1,102	)	$	7,577		12.8
Total intangible liabilities	$	8,679	$	(1,102	)	$	7,577		12.8


	December 31, 2025
	Gross carrying amount		Accumulated amortization			Net carrying amount		Weighted average amortization period (years)
Intangible assets
In-place lease intangibles	$	57,946	$	(15,195	)	$	42,751		15.9
Above-market leases		120		(26	)		94		22.3
Other lease intangibles		1,356		(309	)		1,047		19.3
Total intangible assets	$	59,422	$	(15,530	)	$	43,892		16.0

Intangible liabilities
Below-market leases	$	7,191	$	(797	)	$	6,394		12.2
Total intangible liabilities	$	7,191	$	(797	)	$	6,394		12.2

The Company records amortization of in-place lease assets to amortization expense and records net amortization of above-market and below-market lease intangibles to rental revenue. Amortization expense for the three months ended June 30, 2026 and 2025 was $874 and $725, of which $1,029 and $754 was included in depreciation and amortization, and ($155) and ($29) was included in rental revenue, respectively. Amortization expense for the six months ended June 30, 2026 and 2025 was $1,717 and $1,451, of which $2,019 and $1,509 was included in depreciation and amortization and ($302) and ($58) was included in rental revenue, respectively.

The estimated future amortization of our intangible assets and liabilities are as follows:


	In-place lease assets		Above-market lease asset		Other lease intangible assets		Below-market lease liabilities
2026 (Remaining)	$	2,175	$	4	$	37	$	344
2027		4,349		6		73		689
2028		4,349		6		73		689
2029		4,349		6		73		689
2030		4,349		6		73		689
2031		4,349		6		73		689
Thereafter		23,986		57		630		3,788
Total	$	47,906	$	91	$	1,032	$	7,577

Note 4. Intangible Assets and Liabilities