Intangible Assets and Liabilities, and Leasing Fees

9 Months Ended

Sep. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible Assets and Liabilities, and Leasing Fees

The following is a summary of intangible assets and liabilities, and leasing fees, and related accumulated amortization:


(in thousands)	September 30, 2026		December 31, 2025
Lease intangibles:
Acquired above-market leases	$	40,134	$	41,082
Less accumulated amortization	(21,479)		(20,574)
Acquired above-market leases, net	18,655		20,508
Acquired in-place leases	418,512		423,920
Less accumulated amortization	(188,945)		(176,418)
Acquired in-place leases, net	229,567		247,502
Total intangible lease assets, net	$	248,222	$	268,010
Acquired below-market leases	$	90,240	$	91,670
Less accumulated amortization	(53,894)		(50,143)
Intangible lease liabilities, net	$	36,346	$	41,527
Leasing fees	$	31,563	$	22,643
Less accumulated amortization	(9,123)		(7,760)
Leasing fees, net	$	22,440	$	14,883

Amortization of intangible lease assets and liabilities, and leasing fees was as follows:


(in thousands)	Financial Statement Presentation	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Intangible		2026		2025		2026		2025
Acquired in-place leases and leasing fees	Depreciation and amortization	$	8,010	$	8,220	$	25,145	$	26,984
Above-market and below-market leases	Lease revenues, net	1,015		1,199		3,049		3,456

For the nine months ended September 30, 2026, amortization of all intangible assets and liabilities includes $1.0 million of accelerated amortization resulting from early lease terminations. For the three and nine months ended September 30, 2025, amortization of all intangible assets and liabilities includes $0.3 million and $5.3 million, respectively, of accelerated amortization resulting from early lease terminations.

Estimated future amortization of intangible assets and liabilities, and leasing fees at September 30, 2026 is as follows:


(in thousands)
Remainder of 2026	$	7,096
2027	27,055
2028	24,704
2029	23,105
2030	20,961
Thereafter	131,395
	$	234,316