INTANGIBLE ASSETS AND LIABILITIES (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of components of intangible lease assets |
| | | | | | | | | As of | | | September 30,
2026 | | December 31,
2025 | Intangible Lease Assets: | | | | | | | Value of In-Place Leases | | $ | 109,620 | | $ | 99,346 | Value of Above Market In-Place Leases | | | 20,710 | | | 23,052 | Value of Intangible Leasing Costs | | | 33,729 | | | 29,963 | Sub-total Intangible Lease Assets | | | 164,059 | | | 152,361 | Accumulated Amortization | | | (66,967) | | | (67,651) | Sub-total Intangible Lease Assets—Net | | | 97,092 | | | 84,710 | Intangible Lease Liabilities: | | | | | | | Value of Below Market In-Place Leases | | | (47,083) | | | (42,144) | Sub-total Intangible Lease Liabilities | | | (47,083) | | | (42,144) | Accumulated Amortization | | | 12,299 | | | 10,658 | Sub-total Intangible Lease Liabilities—Net | | | (34,784) | | | (31,486) | Total Intangible Assets and Liabilities—Net | | $ | 62,308 | | $ | 53,224 |
|
| Schedule of components of intangible lease liabilities |
| | | | | | | | | As of | | | September 30,
2026 | | December 31,
2025 | Intangible Lease Assets: | | | | | | | Value of In-Place Leases | | $ | 109,620 | | $ | 99,346 | Value of Above Market In-Place Leases | | | 20,710 | | | 23,052 | Value of Intangible Leasing Costs | | | 33,729 | | | 29,963 | Sub-total Intangible Lease Assets | | | 164,059 | | | 152,361 | Accumulated Amortization | | | (66,967) | | | (67,651) | Sub-total Intangible Lease Assets—Net | | | 97,092 | | | 84,710 | Intangible Lease Liabilities: | | | | | | | Value of Below Market In-Place Leases | | | (47,083) | | | (42,144) | Sub-total Intangible Lease Liabilities | | | (47,083) | | | (42,144) | Accumulated Amortization | | | 12,299 | | | 10,658 | Sub-total Intangible Lease Liabilities—Net | | | (34,784) | | | (31,486) | Total Intangible Assets and Liabilities—Net | | $ | 62,308 | | $ | 53,224 |
|
| Schedule of net amortization of intangible assets and future amortization expense (income) related to net intangible assets |
The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Amortization Expense | | $ | 7,224 | | $ | 5,951 | | $ | 19,524 | | $ | 18,267 | Accretion to Income Properties Revenue | | | (879) | | | (180) | | | (2,488) | | | (896) | Net Amortization of Intangible Assets and Liabilities | | $ | 6,345 | | $ | 5,771 | | $ | 17,036 | | $ | 17,371 |
Amortization expense and accretion to income properties revenue for the three and nine months ended September 30, 2026 includes $1.3 million and $1.7 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period. For the three and nine months ended September 30, 2025, amortization expense and accretion to income properties revenue included $0.5 million and $1.8 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period. The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): | | | | | | | | | | As of September 30, | | Future Amortization Expense | | Future Accretion to Income Property Revenue | | Net Future Amortization of Intangible Assets and Liabilities | Remainder of 2026 | | $ | 6,601 | | $ | (1,186) | | $ | 5,415 | 2027 | | | 21,956 | | | (3,708) | | | 18,248 | 2028 | | | 15,936 | | | (3,106) | | | 12,830 | 2029 | | | 10,996 | | | (2,888) | | | 8,108 | 2030 | | | 8,838 | | | (2,558) | | | 6,280 | 2031 | | | 7,264 | | | (2,465) | | | 4,799 | 2032 and Thereafter | | | 15,426 | | | (8,798) | | | 6,628 | Total | | $ | 87,017 | | $ | (24,709) | | $ | 62,308 |
|
| Schedule of net amortization of intangible liabilities and future amortization expense (income) related to net intangible liabilities |
The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Amortization Expense | | $ | 7,224 | | $ | 5,951 | | $ | 19,524 | | $ | 18,267 | Accretion to Income Properties Revenue | | | (879) | | | (180) | | | (2,488) | | | (896) | Net Amortization of Intangible Assets and Liabilities | | $ | 6,345 | | $ | 5,771 | | $ | 17,036 | | $ | 17,371 |
Amortization expense and accretion to income properties revenue for the three and nine months ended September 30, 2026 includes $1.3 million and $1.7 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period. For the three and nine months ended September 30, 2025, amortization expense and accretion to income properties revenue included $0.5 million and $1.8 million, respectively, related to the acceleration of lease intangibles resulting from certain lease terminations during the period. The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): | | | | | | | | | | As of September 30, | | Future Amortization Expense | | Future Accretion to Income Property Revenue | | Net Future Amortization of Intangible Assets and Liabilities | Remainder of 2026 | | $ | 6,601 | | $ | (1,186) | | $ | 5,415 | 2027 | | | 21,956 | | | (3,708) | | | 18,248 | 2028 | | | 15,936 | | | (3,106) | | | 12,830 | 2029 | | | 10,996 | | | (2,888) | | | 8,108 | 2030 | | | 8,838 | | | (2,558) | | | 6,280 | 2031 | | | 7,264 | | | (2,465) | | | 4,799 | 2032 and Thereafter | | | 15,426 | | | (8,798) | | | 6,628 | Total | | $ | 87,017 | | $ | (24,709) | | $ | 62,308 |
|