The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):


	June 30, 2026		December 31, 2025
Intangible assets:
In-place lease intangibles	$	97,244	$	77,750
Above-market lease intangibles	7,127		3,124
Total intangible assets	104,371		80,874
Accumulated amortization:
In-place lease amortization	(29,781)		(21,448)
Above-market lease amortization	(1,145)		(878)
Total accumulated amortization	(30,926)		(22,326)
Intangible assets, net	$	73,445	$	58,548
Intangible liabilities:
Below-market lease intangibles	$	(11,575)	$	(11,522)
Accumulated amortization:
Below-market lease amortization	4,440		3,087
Intangible liabilities, net	$	(7,135)	$	(8,435)

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2026 is as follows ($ in thousands):


	In-place Lease Intangibles		Above-market Lease Intangibles		Below-market Lease Intangibles
2026 (remaining)	$	6,928	$	589	$	(1,040)
2027	12,264		1,171		(1,595)
2028	10,835		1,136		(1,331)
2029	9,342		1,039		(789)
2030	8,318		895		(671)
Thereafter	19,776		1,152		(1,709)
Total	$	67,463	$	5,982	$	(7,135)

The in-place lease intangible amortization is recorded in depreciation and amortization while the above-market and below-market intangible amortization is recorded in rental revenue on the Company's Condensed Consolidated Statements of Operations.