Intangible Assets and Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Intangible Asset, Finite-Lived [Line Items] |
|
| Summary of Intangible Lease Assets and Liabilities and Related Accumulated Amortization |
The following is a summary of intangible lease assets and liabilities and related accumulated amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
As of June 30, 2026 |
|
Cost |
|
|
Accumulated Amortization |
|
|
Net Book Value |
|
Intangible lease assets: |
|
|
|
|
|
|
|
|
|
In-place leases and origination costs |
|
$ |
144,146 |
|
|
$ |
75,899 |
|
|
$ |
68,247 |
|
Above-market leases |
|
|
52,358 |
|
|
|
27,588 |
|
|
|
24,770 |
|
Leasing fees |
|
|
7,933 |
|
|
|
1,314 |
|
|
|
6,619 |
|
Total intangible lease assets |
|
$ |
204,437 |
|
|
$ |
104,801 |
|
|
$ |
99,636 |
|
|
|
|
|
|
|
|
|
|
|
Intangible lease liabilities: |
|
|
|
|
|
|
|
|
|
Below-market leases |
|
$ |
27,887 |
|
|
$ |
14,038 |
|
|
$ |
13,849 |
|
Total intangible lease liabilities |
|
$ |
27,887 |
|
|
$ |
14,038 |
|
|
$ |
13,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
As of December 31, 2025 |
|
Cost |
|
|
Accumulated Amortization |
|
|
Net Book Value |
|
Intangible lease assets: |
|
|
|
|
|
|
|
|
|
In-place leases and origination costs |
|
$ |
137,104 |
|
|
$ |
68,185 |
|
|
$ |
68,919 |
|
Above-market leases |
|
|
48,151 |
|
|
|
24,001 |
|
|
|
24,150 |
|
Leasing fees |
|
|
7,399 |
|
|
|
979 |
|
|
|
6,420 |
|
Total intangible lease assets |
|
$ |
192,654 |
|
|
$ |
93,165 |
|
|
$ |
99,489 |
|
|
|
|
|
|
|
|
|
|
|
Intangible lease liabilities: |
|
|
|
|
|
|
|
|
|
Below-market leases |
|
$ |
27,140 |
|
|
$ |
12,666 |
|
|
$ |
14,474 |
|
Total intangible lease liabilities |
|
$ |
27,140 |
|
|
$ |
12,666 |
|
|
$ |
14,474 |
|
|
| Summary of Amortization and Net Adjustment to Rental Revenue of Intangible Lease Assets and Liabilities |
The amortization and net adjustment to rental revenue of intangible lease assets and liabilities was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
(in thousands) |
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of in-place leases and leasing fees |
|
$ |
3,991 |
|
|
$ |
5,674 |
|
|
$ |
7,812 |
|
|
$ |
9,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net adjustment to rental revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Above-market and below-market leases |
|
$ |
457 |
|
|
$ |
941 |
|
|
$ |
1,078 |
|
|
$ |
1,652 |
|
|
| Summary of Remaining Weighted Average Amortization Period for Intangible Assets and Liabilities |
The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of June 30, 2026 and December 31, 2025 by category are as follows:
|
|
|
|
|
|
|
|
|
Years remaining as at |
|
June 30, 2026 |
|
|
December 31, 2025 |
|
In-place leases and origination costs |
|
|
9.9 |
|
|
|
9.9 |
|
Above-market leases |
|
|
6.4 |
|
|
|
7.3 |
|
Leasing fees |
|
|
9.7 |
|
|
|
11.2 |
|
Below-market leases |
|
|
10.5 |
|
|
|
11.0 |
|
|
| Summary of Estimated Future Amortization Expense for Intangible Lease Assets, Net of Intangible Lease Liabilities |
The estimated future amortization expense for intangible lease assets, net of intangible lease liabilities, as of June 30, 2026 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
In-place leases and origination costs |
|
|
Above-market leases |
|
|
Leasing fees |
|
|
Below-market leases |
|
|
Total |
|
Remainder of 2026 |
|
$ |
7,009 |
|
|
$ |
2,631 |
|
|
$ |
509 |
|
|
$ |
(1,341 |
) |
|
$ |
8,808 |
|
2027 |
|
|
11,757 |
|
|
|
4,698 |
|
|
|
712 |
|
|
|
(2,228 |
) |
|
|
14,939 |
|
2028 |
|
|
8,832 |
|
|
|
4,325 |
|
|
|
696 |
|
|
|
(1,395 |
) |
|
|
12,458 |
|
2029 |
|
|
7,220 |
|
|
|
3,752 |
|
|
|
675 |
|
|
|
(1,241 |
) |
|
|
10,406 |
|
2030 |
|
|
6,181 |
|
|
|
2,404 |
|
|
|
602 |
|
|
|
(1,103 |
) |
|
|
8,084 |
|
Thereafter |
|
|
27,248 |
|
|
|
6,960 |
|
|
|
3,425 |
|
|
|
(6,541 |
) |
|
|
31,092 |
|
|
|
$ |
68,247 |
|
|
$ |
24,770 |
|
|
$ |
6,619 |
|
|
$ |
(13,849 |
) |
|
$ |
85,787 |
|
|