| Components of Other Assets, Liabilities and Intangibles |
Other assets, liabilities and intangibles consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
Asset |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets, net: |
|
|
|
|
|
|
|
|
In-place leases |
$ |
196,757 |
|
|
$ |
(75,173 |
) |
|
$ |
121,584 |
|
Above-market leases |
|
15,164 |
|
|
|
(4,522 |
) |
|
|
10,642 |
|
Lease origination costs |
|
43,827 |
|
|
|
(12,046 |
) |
|
|
31,781 |
|
Tenant relationships |
|
651 |
|
|
|
(569 |
) |
|
|
82 |
|
Below-market leases (as lessee) |
|
14,596 |
|
|
|
(157 |
) |
|
|
14,439 |
|
Total intangible assets, net |
$ |
270,995 |
|
|
$ |
(92,467 |
) |
|
$ |
178,528 |
|
Other assets: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
|
|
|
1,979 |
|
Other assets(A) |
|
|
|
|
|
|
|
12,775 |
|
Deposits |
|
|
|
|
|
|
|
820 |
|
Swap receivable |
|
|
|
|
|
|
|
9,517 |
|
Deferred charges, net |
|
|
|
|
|
|
|
2,023 |
|
Total other assets |
|
|
|
|
|
|
$ |
27,114 |
|
|
Liability |
|
|
Accumulated Amortization |
|
|
Net |
|
Below-market leases, net |
$ |
101,824 |
|
|
$ |
(17,387 |
) |
|
$ |
84,437 |
|
(A)Includes $10.3 million of acquisition escrow deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
Asset |
|
|
Accumulated Amortization |
|
|
Net |
|
Intangible assets, net: |
|
|
|
|
|
|
|
|
In-place leases |
$ |
141,231 |
|
|
$ |
(49,660 |
) |
|
$ |
91,571 |
|
Above-market leases |
|
10,645 |
|
|
|
(3,067 |
) |
|
|
7,578 |
|
Lease origination costs |
|
31,387 |
|
|
|
(7,911 |
) |
|
|
23,476 |
|
Tenant relationships |
|
651 |
|
|
|
(551 |
) |
|
|
100 |
|
Below-market leases (as lessee) |
|
14,893 |
|
|
|
(105 |
) |
|
|
14,788 |
|
Total intangible assets, net |
$ |
198,807 |
|
|
$ |
(61,294 |
) |
|
$ |
137,513 |
|
Other assets: |
|
|
|
|
|
|
|
|
Prepaid expenses |
|
|
|
|
|
|
|
1,143 |
|
Other assets(A) |
|
|
|
|
|
|
|
4,864 |
|
Deposits |
|
|
|
|
|
|
|
1,470 |
|
Deferred charges, net |
|
|
|
|
|
|
|
2,782 |
|
Total other assets |
|
|
|
|
|
|
$ |
10,259 |
|
|
Liability |
|
|
Accumulated Amortization |
|
|
Net |
|
Below-market leases, net |
$ |
78,781 |
|
|
$ |
(12,083 |
) |
|
$ |
66,698 |
|
(A)Includes $3.3 million of acquisition escrow deposits.
|
| Summary of Amortization Related to the Intangibles Excluding Below-market Leases (As Lessee) |
Amortization for the three and nine months ended September 30, 2026 and 2025 related to the Company’s intangibles, excluding below-market leases (as lessee), was as follows (in thousands):
|
|
|
|
|
|
|
|
|
Period |
|
Income |
|
|
Expense |
|
Three months ended September 30, 2026 |
|
$ |
1,667 |
|
|
$ |
11,667 |
|
Three months ended September 30, 2025 |
|
|
1,211 |
|
|
|
7,486 |
|
Nine months ended September 30, 2026 |
|
|
4,930 |
|
|
|
31,592 |
|
Nine months ended September 30, 2025 |
|
|
3,170 |
|
|
|
17,205 |
|
|