At June 30, 2026, and December 31, 2025, intangible assets included the following ($ in thousands):


	2026		2025
In-place leases, net of accumulated amortization of $132,098 and $136,277 in 2026 and 2025, respectively	$	148,048	$	135,606
Below-market ground leases, net of accumulated amortization of $2,995 and $2,854 in 2026 and 2025, respectively	16,256		16,398
Above-market leases, net of accumulated amortization of $23,007 and $23,949 in 2026 and 2025, respectively	9,906		11,060
Goodwill	1,674		1,674
	$	175,884	$	164,738

At June 30, 2026, and December 31, 2025, intangible liabilities were the following ($ in thousands):


	2026		2025
Below-market leases, net of accumulated amortization of $50,886 and $61,343 in 2026 and 2025, respectively	$	121,790	$	117,085

The amortization of the above assets and liabilities are recorded as follows ($ in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues:
Rental property revenues, net (Below-market and Above-market leases)	$	4,260	$	2,804	$	8,360	$	5,626

Expenses:
Depreciation and amortization (In-place leases)	6,933		5,438		13,747		11,318
Rental property operating and other expenses (Below-market ground leases)	71		71		150		141

Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):


	In-Place Leases		Below-Market Ground Leases		Above-Market Leases		Below-Market Leases
2026 (six months)	$	12,250	$	141	$	1,147	$	(7,801)
2027	21,954		282		1,839		(14,981)
2028	20,440		282		1,728		(14,607)
2029	18,308		282		1,460		(13,809)
2030	15,927		282		1,265		(12,216)
2031	13,934		282		966		(11,421)
Thereafter	45,235		14,705		1,501		(46,955)
	$	148,048	$	16,256	$	9,906	$	(121,790)