INTANGIBLE ASSETS AND LIABILITIES, NET

9 Months Ended

Sep. 30, 2026

5. INTANGIBLE ASSETS AND LIABILITIES, NET

Intangible assets and liabilities, net are summarized as follows:


	September 30, 2026 (unaudited)		December 31, 2025
Intangible assets
Acquired favorable lease intangibles	$	3,489	$	17,245
Less: Accumulated amortization	(1,496)		(8,935)
Acquired favorable lease intangibles, net	1,993		8,310
Acquired customer relationships	12,607		12,607
Less: Accumulated amortization	(2,122)		(988)
Acquired customer relationships, net	10,485		11,619
Total intangible assets, net	$	12,478	$	19,929

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,970	$	7,688
Less: Accumulated amortization	(2,926)		(2,132)
Acquired unfavorable lease intangibles, net	$	3,044	$	5,556

The weighted average amortization period of acquired intangible assets during the nine months ended September 30, 2026 is as follows:


			Weighted Average Amortization Period
Lease intangibles			1.2 years
Customer relationships			10.1 years
Total intangible assets			7.3 years

Intangible liabilities relate to unfavorable lease intangibles and are included as a component of other non-current liabilities.

Amortization of intangible assets and liabilities is recorded as follows (unaudited):


	Classification in Consolidated Statements of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Lease intangibles	Lease income	$	(242)	$	534	$	6	$	5,893
Customer relationships	Depreciation and amortization	373		95		1,130		314
Total		$	131	629		$	1,136	6,207

As of September 30, 2026, estimated net annual amortization of intangibles is as follows (unaudited):