The following table summarizes the Company’s lease intangible assets (acquired in-place leases and above-market leases) and liabilities (acquired below-market lease, which is included in accounts payable, accrued expenses and other liabilities on the condensed consolidated balance sheets), net of accumulated amortization, as of December 31, 2025 (in thousands):


December 31, 2025
	Gross			Accumulated
Lease Intangible Assets	Asset			Amortization			Balance
In-place leases, net	$	294		$	(123	)	$	171
Total	$	294		$	(123	)	$	171

	Gross			Accumulated
Lease Intangible Liabilities	Liability			Amortization			Balance
Below-market leases, net	$	(1,168	)	$	489		$	(679	)
Total	$	(1,168	)	$	489		$	(679	)

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $7.8 thousand and $7.3 thousand for the three months ended June 30, 2026 and 2025, respectively, and $19.4 thousand and $14.6 thousand for the six months ended June 30, 2026 and 2025, respectively.

Amortization of acquired in-place leases resulted in additional depreciation and amortization expense of $2.0 thousand and $48.3 thousand for the three months ended June 30, 2026 and 2025, respectively, and $4.9 thousand and $96.7 thousand for the six months ended June 30, 2026 and 2025, respectively.

There were no acquired in-place leases or below-market leases as of June 30, 2026.

Amortization of an acquired below-market ground lease resulted in additional property expense of $50.7 thousand for the three months ended June 30, 2026 and 2025, respectively and $101.4 thousand for the six months ended June 30, 2026 and 2025, respectively.

Future amortization of these lease intangibles is set forth below (in thousands):


	Below Market Ground Lease
Remainder of 2026	$	101
2027		203
2028		203
2029		203
2030		203
2031		203
Thereafter		8,419