Intangible Assets and Liabilities (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Intangible Asset, Goodwill and Other [Abstract] |
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| Schedule of Intangible Assets |
At September 30, 2026, and December 31, 2025, intangible assets included the following ($ in thousands):
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2026 |
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2025 |
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In-place leases, net of accumulated amortization of $134,344 and $136,277 in 2026 and 2025, respectively |
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$ |
141,871 |
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135,606 |
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Below-market ground leases, net of accumulated amortization of $3,066 and $2,854 in 2026 and 2025, respectively |
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16,186 |
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16,398 |
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Above-market leases, net of accumulated amortization of $23,045 and $23,949 in 2026 and 2025, respectively |
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9,308 |
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11,060 |
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Goodwill |
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1,674 |
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1,674 |
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$ |
169,039 |
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|
164,738 |
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| Schedule of Intangible Liabilities |
At September 30, 2026, and December 31, 2025, intangible liabilities were the following ($ in thousands):
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2026 |
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2025 |
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Below-market leases, net of accumulated amortization of $55,268 and $61,343 in 2026 and 2025, respectively |
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$ |
117,826 |
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$ |
117,085 |
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| Schedule of Amortization of Intangible Assets and Liabilities |
The amortization of the above assets and liabilities are recorded as follows ($ in thousands):
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenues: |
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Rental property revenues, net (Below-market and Above-market leases) |
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$ |
3,371 |
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$ |
3,398 |
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$ |
11,731 |
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$ |
9,024 |
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Expenses: |
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Depreciation and amortization (In-place leases) |
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6,177 |
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5,925 |
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19,924 |
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17,243 |
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Rental property operating and other expenses (Below-market ground leases) |
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75 |
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71 |
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225 |
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211 |
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| Schedule of Aggregate Amortization of Intangible Assets and Liabilities |
Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):
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In-Place
Leases |
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Below-Market Ground Lease |
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Above-Market Leases |
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Below-Market
Leases |
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2026 (three months) |
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$ |
5,982 |
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$ |
107 |
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$ |
550 |
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$ |
(3,837 |
) |
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2027 |
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21,897 |
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282 |
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1,838 |
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(14,981 |
) |
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2028 |
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20,453 |
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282 |
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1,727 |
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(14,607 |
) |
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2029 |
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18,336 |
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282 |
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1,460 |
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(13,809 |
) |
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2030 |
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15,958 |
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282 |
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1,265 |
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(12,216 |
) |
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2031 |
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13,965 |
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282 |
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|
966 |
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(11,421 |
) |
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Thereafter |
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45,280 |
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14,669 |
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1,502 |
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(46,955 |
) |
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$ |
141,871 |
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$ |
16,186 |
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$ |
9,308 |
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$ |
(117,826 |
) |
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