| Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities |
Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities (Note 5) on the Condensed Consolidated Balance Sheets and summarized as follows (in thousands):
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September 30, 2026 |
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December 31, 2025 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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Amortizable Intangible Assets |
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In-place lease intangible assets |
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$ |
351,894 |
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$ |
(250,422 |
) |
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$ |
101,472 |
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$ |
408,015 |
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$ |
(289,643 |
) |
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$ |
118,372 |
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Above-market rent |
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20,990 |
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(18,048 |
) |
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2,942 |
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32,608 |
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(22,741 |
) |
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9,867 |
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$ |
372,884 |
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$ |
(268,470 |
) |
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$ |
104,414 |
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$ |
440,623 |
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$ |
(312,384 |
) |
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$ |
128,239 |
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Amortizable Intangible Liabilities |
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Below-market rent |
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$ |
(212,611 |
) |
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$ |
125,426 |
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$ |
(87,185 |
) |
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$ |
(223,893 |
) |
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$ |
128,072 |
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$ |
(95,821 |
) |
Above-market ground lease |
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(671 |
) |
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545 |
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(126 |
) |
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(671 |
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501 |
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(170 |
) |
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$ |
(213,282 |
) |
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$ |
125,971 |
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$ |
(87,311 |
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$ |
(224,564 |
) |
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$ |
128,573 |
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$ |
(95,991 |
) |
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| Schedule of Amortization Included in the Accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) |
The amounts of such amortization included in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) are 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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Amortization of in-place lease intangibles |
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$ |
6,789 |
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$ |
8,373 |
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$ |
23,669 |
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$ |
26,765 |
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Amortization of above-market rent and below-market rent |
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(2,184 |
) |
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(2,131 |
) |
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(7,630 |
) |
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(6,590 |
) |
Amortization of above-market ground leases |
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(15 |
) |
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(15 |
) |
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(44 |
) |
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(44 |
) |
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