| Components of Other Assets and Intangibles |
Other assets and intangibles consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
Asset |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets, net: |
|
|
|
|
|
|
|
|
In-place leases |
$ |
8,244 |
|
|
$ |
(7,464 |
) |
|
$ |
780 |
|
Above-market leases |
|
133 |
|
|
|
(110 |
) |
|
|
23 |
|
Lease origination costs |
|
1,088 |
|
|
|
(1,060 |
) |
|
|
28 |
|
Tenant relationships |
|
4,029 |
|
|
|
(4,029 |
) |
|
|
- |
|
Total intangible assets, net |
|
13,494 |
|
|
|
(12,663 |
) |
|
|
831 |
|
Operating lease ROU assets |
|
|
|
|
|
|
|
4,139 |
|
Other assets: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
|
|
|
2,720 |
|
Other assets |
|
|
|
|
|
|
|
753 |
|
Deposits |
|
|
|
|
|
|
|
1,591 |
|
Total other assets, net |
|
|
|
|
|
|
$ |
10,034 |
|
|
Liability |
|
|
Accumulated Amortization |
|
|
Net |
|
Below-market leases(A) |
$ |
4,157 |
|
|
$ |
(711 |
) |
|
$ |
3,446 |
|
(A)Includes $1.2 million related to a below-market lease option for the Company’s Beachwood headquarters included in the Shared Services Agreement with Curbline Properties (Note 5).
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
Asset |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets, net: |
|
|
|
|
|
|
|
|
In-place leases |
$ |
16,472 |
|
|
$ |
(12,209 |
) |
|
$ |
4,263 |
|
Above-market leases |
|
510 |
|
|
|
(290 |
) |
|
|
220 |
|
Lease origination costs |
|
2,091 |
|
|
|
(1,748 |
) |
|
|
343 |
|
Tenant relationships |
|
11,339 |
|
|
|
(8,658 |
) |
|
|
2,681 |
|
Total intangible assets, net |
|
30,412 |
|
|
|
(22,905 |
) |
|
|
7,507 |
|
Operating lease ROU assets |
|
|
|
|
|
|
|
14,700 |
|
Other assets: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
|
|
|
3,837 |
|
Other assets |
|
|
|
|
|
|
|
737 |
|
Deposits |
|
|
|
|
|
|
|
1,812 |
|
Total other assets, net |
|
|
|
|
|
|
$ |
28,593 |
|
|
Liability |
|
|
Accumulated Amortization |
|
|
Net |
|
Below-market leases |
$ |
6,613 |
|
|
$ |
(1,943 |
) |
|
$ |
4,670 |
|
|
| Summary of Amortization Expense Related to the Intangibles |
Amortization for the three and six months ended June 30, 2026 and 2025 related to the Company’s intangibles was as follows (in thousands):
|
|
|
|
|
|
|
|
|
Period |
|
Income |
|
|
Expense |
|
Three months ended June 30, 2026 |
|
$ |
36 |
|
|
$ |
125 |
|
Three months ended June 30, 2025 |
|
|
166 |
|
|
|
639 |
|
Six months ended June 30, 2026 |
|
|
120 |
|
|
|
457 |
|
Six months ended June 30, 2025 |
|
|
306 |
|
|
|
1,472 |
|
|