Intangibles (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Finite-Lived Intangible Assets |
The following table summarizes the identified intangible assets:
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June 30, 2026 |
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December 31, 2025 |
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Intangible assets: |
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Intangible lease
assets, gross |
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Accumulated
amortization |
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Intangible lease
assets, net |
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Weighted-average
life (Years) |
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Intangible lease
assets, gross |
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Accumulated
amortization |
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Intangible lease
assets, net |
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Weighted-average
life (Years) |
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In-place leases |
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$ |
285,735 |
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$ |
(24,954 |
) |
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$ |
260,781 |
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12.5 |
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$ |
230,514 |
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$ |
(13,420 |
) |
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$ |
217,094 |
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11.9 |
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Leasing commissions |
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85,410 |
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(7,311 |
) |
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78,099 |
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12.6 |
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72,141 |
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(3,982 |
) |
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68,159 |
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12.1 |
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Above-market lease |
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53,761 |
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(4,904 |
) |
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48,857 |
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11.6 |
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53,525 |
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(2,739 |
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50,786 |
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12.1 |
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Total intangible assets: |
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$ |
424,906 |
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$ |
(37,169 |
) |
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$ |
387,737 |
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12.4 |
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$ |
356,180 |
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$ |
(20,141 |
) |
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$ |
336,039 |
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12.0 |
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| Schedule of Below Market Leases |
The following table summarizes the identified intangible liabilities:
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June 30, 2026 |
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December 31, 2025 |
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Intangible liabilities: |
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Intangible lease
liabilities, gross |
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Accumulated
amortization |
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Intangible lease
liabilities, net |
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Weighted-average
life (Years) |
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Intangible lease
liabilities, gross |
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Accumulated
amortization |
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Intangible lease
liabilities, net |
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Weighted-average
life (Years) |
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Below-market lease |
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$ |
95,332 |
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$ |
(6,972 |
) |
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$ |
88,360 |
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13.1 |
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$ |
71,203 |
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$ |
(3,844 |
) |
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$ |
67,359 |
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13.1 |
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Total intangible liabilities: |
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$ |
95,332 |
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$ |
(6,972 |
) |
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$ |
88,360 |
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13.1 |
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$ |
71,203 |
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$ |
(3,844 |
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$ |
67,359 |
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13.1 |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
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:
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Year |
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In-place leases |
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Leasing
commissions |
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Above-market
lease |
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Below-market
lease |
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2026 (Remaining) |
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$ |
19,345 |
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$ |
5,993 |
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$ |
3,259 |
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$ |
5,780 |
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2027 |
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25,764 |
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7,990 |
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4,345 |
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7,707 |
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2028 |
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25,703 |
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7,983 |
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4,345 |
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7,707 |
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2029 |
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25,703 |
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7,916 |
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4,345 |
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7,706 |
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2030 |
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24,896 |
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6,809 |
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4,345 |
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7,696 |
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Thereafter |
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139,370 |
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41,408 |
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28,218 |
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51,764 |
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Total |
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$ |
260,781 |
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$ |
78,099 |
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$ |
48,857 |
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$ |
88,360 |
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