Acquired Intangible Assets and Liabilities (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Intangible Assets and Liabilities |
The following table summarizes the Company’s identified intangible assets and liabilities as of September 30, 2026 and December 31, 2025:
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September 30, 2026 |
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December 31, 2025 |
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Intangible assets: |
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Acquired in-place lease value |
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$ |
180,643 |
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$ |
183,305 |
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Acquired above market lease value |
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52,333 |
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52,640 |
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Accumulated amortization |
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(199,377 |
) |
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(196,590 |
) |
Acquired lease intangibles, net |
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$ |
33,599 |
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$ |
39,355 |
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Intangible liabilities: |
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Acquired below market lease value |
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$ |
79,313 |
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$ |
79,914 |
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Accumulated amortization |
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(51,081 |
) |
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(49,153 |
) |
Acquired below market lease intangibles, net |
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$ |
28,232 |
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$ |
30,761 |
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| Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values |
Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below:
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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 recorded as amortization expense: |
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Acquired in-place lease value |
$ |
1,284 |
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$ |
1,652 |
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$ |
3,834 |
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$ |
5,266 |
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Amortization recorded as a (reduction) increase to rental income: |
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Acquired above market leases |
$ |
(605 |
) |
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$ |
(713 |
) |
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$ |
(1,878 |
) |
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$ |
(2,223 |
) |
Acquired below market leases |
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1,038 |
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|
815 |
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2,469 |
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2,558 |
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Net rental income increase |
$ |
433 |
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$ |
102 |
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$ |
591 |
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$ |
335 |
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| Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities |
Estimated amortization of the respective intangible lease assets and liabilities as of September 30, 2026 for each of the five succeeding years and thereafter is as follows:
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Acquired
In-Place
Leases |
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Above Market Leases |
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Below
Market
Leases |
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2026 (remainder of year) |
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$ |
1,148 |
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$ |
574 |
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$ |
695 |
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2027 |
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3,549 |
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1,837 |
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2,648 |
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2028 |
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2,851 |
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1,590 |
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2,515 |
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2029 |
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2,567 |
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1,508 |
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2,440 |
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2030 |
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1,993 |
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1,434 |
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2,224 |
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Thereafter |
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8,993 |
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5,555 |
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17,710 |
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Total |
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$ |
21,101 |
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$ |
12,498 |
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$ |
28,232 |
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