| Intangible Assets and Liabilities |
6. INTANGIBLE ASSETS AND LIABILITIES As of September 30, 2026 and December 31, 2025, the Company’s intangible assets/liabilities were comprised of the following (in thousands): | | | | | | | | | | | | | | | | | | | September 30, 2026 | | Total Cost | | Accumulated Amortization | | Intangible Assets, net | | Intangible assets, net: | | | | | | | In-place lease value | $ | 23,510 | | | $ | (11,985) | | | $ | 11,525 | | | Tenant relationship value | 110 | | | (64) | | | 46 | | | Above market leases acquired | 75 | | | (67) | | | 8 | | | | | | | | | | | | | | | Total intangible assets, net | $ | 23,695 | | | $ | (12,116) | | | $ | 11,579 | | | | | | | | | Total Cost | | Accumulated Amortization | | Intangible Liabilities, net | | Intangible liabilities, net: | | | | | | | Below market leases acquired | $ | 14,994 | | | $ | (9,105) | | | $ | 5,889 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | December 31, 2025 | | Total Cost | | Accumulated Amortization | | Intangible Assets, net | | Intangible assets, net: | | | | | | | In-place lease value | $ | 24,949 | | | $ | (8,099) | | | $ | 16,850 | | | Tenant relationship value | 110 | | | (61) | | | 49 | | | Above market leases acquired | 5,599 | | | (72) | | | 5,527 | | | | | | | | | | | | | | | Total intangible assets, net | $ | 30,658 | | | $ | (8,232) | | | $ | 22,426 | | | | | | | | | Total Cost | | Accumulated Amortization | | Intangible Liabilities, net | | Intangible liabilities, net: | | | | | | | Below market leases acquired | $ | 21,333 | | | $ | (8,620) | | | $ | 12,713 | |
As of September 30, 2026, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, was as follows (dollars in thousands): | | | | | | | | | | | | | Assets | | Liabilities | | 2026 (three months remaining) | $ | 673 | | | $ | 162 | | | 2027 | 1,157 | | | 618 | | | 2028 | 840 | | | 533 | | | 2029 | 840 | | | 533 | | | 2030 | 840 | | | 533 | | | Thereafter | 7,229 | | | 3,510 | | | | | | | | | | | Total | $ | 11,579 | | | $ | 5,889 | |
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