The following table summarizes the identified intangible assets:


	June 30, 2026									December 31, 2025
Intangible assets:	Intangible lease assets, gross		Accumulated amortization			Intangible lease assets, net		Weighted-average life (Years)		Intangible lease assets, gross		Accumulated amortization			Intangible lease assets, net		Weighted-average life (Years)
In-place leases	$	285,735	$	(24,954	)	$	260,781		12.5	$	230,514	$	(13,420	)	$	217,094		11.9
Leasing commissions		85,410		(7,311	)		78,099		12.6		72,141		(3,982	)		68,159		12.1
Above-market lease		53,761		(4,904	)		48,857		11.6		53,525		(2,739	)		50,786		12.1
Total intangible assets:	$	424,906	$	(37,169	)	$	387,737		12.4	$	356,180	$	(20,141	)	$	336,039		12.0

During the three and six months ended June 30, 2026, the Company recognized $7,887 and $14,863, respectively, of amortization related to its in-place lease intangible assets and leasing commissions, which is recorded as a component of depreciation and amortization in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2026, the Company recognized $1,084 and $2,165, respectively, of amortization related to above-market lease intangible assets, which is recorded as a decrease to rental revenue in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2025, the Company recognized $3,116 and $5,487, respectively, of amortization related to its in-place lease intangible assets and leasing commissions, which is recorded as a component of depreciation and amortization in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2025, the Company recognized $658 and $781, respectively, of amortization related to above-market lease intangible assets, which is recorded as a decrease to rental revenue in the condensed consolidated statements of operations.

The following table summarizes the identified intangible liabilities:


	June 30, 2026									December 31, 2025
Intangible liabilities:	Intangible lease liabilities, gross		Accumulated amortization			Intangible lease liabilities, net		Weighted-average life (Years)		Intangible lease liabilities, gross		Accumulated amortization			Intangible lease liabilities, net		Weighted-average life (Years)
Below-market lease	$	95,332	$	(6,972	)	$	88,360		13.1	$	71,203	$	(3,844	)	$	67,359		13.1
Total intangible liabilities:	$	95,332	$	(6,972	)	$	88,360		13.1	$	71,203	$	(3,844	)	$	67,359		13.1

During the three and six months ended June 30, 2026, the Company recognized $1,668 and $3,128, respectively, of amortization related to below-market lease intangible liabilities, which is recorded as an increase to rental revenue in the condensed consolidated statements of operations.

During the three and six months ended June 30, 2025, the Company recognized $504 and $984, respectively, of amortization related to below-market lease intangible liabilities, which is recorded as an increase to rental revenue in the condensed consolidated statements of operations.

The estimated future amortization of the Company’s intangible assets and liabilities for each of the next five years and thereafter as of June 30, 2026, is as follows:


Year	In-place leases		Leasing commissions		Above-market lease		Below-market lease
2026 (Remaining)	$	19,345	$	5,993	$	3,259	$	5,780
2027		25,764		7,990		4,345		7,707
2028		25,703		7,983		4,345		7,707
2029		25,703		7,916		4,345		7,706
2030		24,896		6,809		4,345		7,696
Thereafter		139,370		41,408		28,218		51,764
Total	$	260,781	$	78,099	$	48,857	$	88,360