v3.26.1
LEASE INTANGIBLES
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]    
LEASE INTANGIBLES

5. LEASE INTANGIBLES

 

The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset:

 

   March 31, 2026   December 31, 2025 
   Lease Intangibles   Accumulated Amortization   Lease Intangibles, net   Lease Intangibles   Accumulated Amortization   Lease Intangibles, net 
In-place leases  $932,175   $(931,029)  $1,146   $2,377,414   $(2,375,580)  $1,834 
Leasing costs   468,427    (467,006)   1,421    1,090,384    (1,088,114)   2,270 
   $1,400,602   $(1,398,035)  $2,567   $3,467,798   $(3,463,694)  $4,104 

 

At March 31, 2026 and December 31, 2025, there were no gross lease intangible assets and accumulated amortization related to the lease intangible assets included in real estate assets held for sale.

 

The net value of acquired intangible liabilities was approximately $2,073 and $3,316 relating to below-market leases at March 31, 2026 and December 31, 2025, respectively.

 

Future aggregate approximate amortization expense for the Company’s lease intangible assets is as follows:

 

Years ending December 31:     
2026  $2,567 
2027   — 
Total  $2,567 

 

5. LEASE INTANGIBLES

 

The following table summarizes the net value of other intangible assets acquired and the accumulated amortization for each class of intangible asset:

 

    December 31, 2025     December 31, 2024  
    Lease Intangibles     Accumulated Amortization     Lease Intangibles, net     Lease Intangibles     Accumulated Amortization     Lease Intangibles, net  
In-place leases   $ 2,377,414     $ (2,375,580 )   $ 1,834     $ 2,515,264     $ (2,504,799 )   $ 10,465  
Leasing costs     1,090,384       (1,088,114 )     2,270       1,261,390       (1,252,078 )     9,312  
Above-market leases     —       —       —       —       —       —  
    $ 3,467,798     $ (3,463,694 )   $ 4,104     $ 3,776,654     $ (3,756,877 )   $ 19,777  

 

 

At December 31, 2025 and 2024, there were no net lease intangible assets and accumulated amortization related to the lease intangible assets included in real estate assets held for sale.

 

The net value of acquired intangible liabilities was approximately $3,316 and $8,625 relating to below-market leases at December 31, 2025 and December 31, 2024, respectively. Amortization of below-market rent totaled approximately $4,753 and $4,641 for the years ended December 31, 2025 and 2024.

 

Future aggregate approximate amortization expense for the Company’s lease intangible assets is as follows:

 

         
2026   $ 4,104  
2027     —  
Thereafter     —  
Total   $ 4,104