
	June 30, 2026
in thousands	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease intangibles	$	71,646	$	(39,548)	$	32,098
Leasing commissions	11,859		(3,853)		8,006
Above-market lease intangibles	1,951		(805)		1,146
Total intangible assets, net	$	85,456	$	(44,206)	$	41,250

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below-market lease intangibles	$	11,874	$	(4,551)	$	7,323
Total intangible liabilities, net	$	11,874	$	(4,551)	$	7,323


	December 31, 2025
in thousands	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease intangibles	$	68,725	$	(34,418)	$	34,307
Leasing commissions	10,730		(3,063)		7,667
Above-market lease intangibles	1,951		(718)		1,233
Total intangible assets, net	$	81,406	$	(38,199)	$	43,207

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below-market lease intangibles	$	11,875	$	(3,421)	$	8,454
Total intangible liabilities, net	$	11,875	$	(3,421)	$	8,454

The estimated future amortization of our intangibles for each of the next five years and thereafter as of June 30, 2026 is:


in thousands	In-place Lease Intangibles		Leasing Commissions		Above-market Lease Intangibles		Below-market Lease Intangibles
2026 (remainder)	$	4,733	$	1,008	$	89	$	(1,118)
2027	6,795		1,575		175		(2,095)
2028	4,658		1,195		175		(1,159)
2029	4,218		1,056		164		(947)
2030	3,842		961		94		(599)
2031	5,091		1,222		94		(537)
Thereafter	2,761		989		355		(868)
	$	32,098	$	8,006	$	1,146	$	(7,323)