IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

IDENTIFIED INTANGIBLE ASSETS AND LIABILITIES

The following table summarizes our intangible assets and liabilities:


(Amounts in thousands)	September 30, 2026		December 31, 2025
In-place leases	$	148,083	$	147,827
Accumulated amortization	(69,347)		(65,696)
Above-market leases	10,053		10,278
Accumulated amortization	(5,206)		(4,818)
Identified intangible assets, net of accumulated amortization	83,583		87,591
Below-market leases	222,588		234,567
Accumulated amortization	(60,593)		(59,668)
Identified intangible liabilities, net of accumulated amortization	$	161,995	$	174,899

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in additional rental income of $2.6 million and $9.9 million for the three and nine months ended September 30, 2026, respectively, and $7.1 million and $12.2 million for the same periods in 2025.

Amortization of acquired in-place leases inclusive of customer relationships resulted in additional depreciation and amortization expense of $5.2 million and $15.3 million for the three and nine months ended September 30, 2026, respectively, and $7.3 million and $21.2 million for the same periods in 2025.

The following table sets forth the estimated annual amortization (expense) and income related to acquired intangible assets and liabilities for the remainder of 2026 and the five succeeding years:


(Amounts in thousands)	Below-Market		Above-Market		In-Place Lease
Year	Operating Lease Amortization		Operating Lease Amortization		Amortization
2026(1)	$	2,981	$	(369)	$	(5,142)
2027	11,846		(1,292)		(17,155)
2028	11,684		(1,220)		(12,977)
2029	11,366		(1,121)		(10,937)
2030	11,066		(444)		(7,911)
2031	10,916		(181)		(6,086)

(1) Remainder of 2026