
	September 30, 2026
in thousands	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease intangibles	$	85,306	$	(42,337)	$	42,969
Leasing commissions	14,329		(4,253)		10,076
Above-market lease intangibles	1,951		(849)		1,102
Total intangible assets, net	$	101,586	$	(47,439)	$	54,147

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below-market lease intangibles	$	19,606	$	(5,139)	$	14,467
Total intangible liabilities, net	$	19,606	$	(5,139)	$	14,467


	December 31, 2025
in thousands	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease intangibles	$	68,725	$	(34,418)	$	34,307
Leasing commissions	10,730		(3,063)		7,667
Above-market lease intangibles	1,951		(718)		1,233
Total intangible assets, net	$	81,406	$	(38,199)	$	43,207

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below-market lease intangibles	$	11,875	$	(3,421)	$	8,454
Total intangible liabilities, net	$	11,875	$	(3,421)	$	8,454

The estimated future amortization of our intangibles for each of the next five years and thereafter as of September 30, 2026 is:


in thousands	In-place Lease Intangibles		Leasing Commissions		Above-market Lease Intangibles		Below-market Lease Intangibles
2026 (remainder)	$	2,886	$	405	$	45	$	(714)
2027	9,196		1,776		175		(2,797)
2028	5,805		1,749		175		(1,860)
2029	5,310		1,259		164		(1,648)
2030	4,935		1,164		94		(1,300)
2031	6,183		1,420		94		(1,238)
Thereafter	8,654		2,303		355		(4,910)
	$	42,969	$	10,076	$	1,102	$	(14,467)