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INTANGIBLE ASSETS AND LIABILITIES, NET
 3 Months Ended
Mar. 31, 2025
Intangible Assets and Liabilities Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES, NET
6. INTANGIBLE ASSETS AND LIABILITIES, NET
Intangible assets and liabilities, net are summarized as follows:
March 31, 2025
(unaudited)		December 31, 2024
Intangible assets
Acquired favorable lease intangibles$23,493 $70,375 
Less: Accumulated amortization(8,855)(29,664)
Acquired favorable lease intangibles, net14,638 40,711 
Acquired customer relationships 1,907 1,907 
Less: Accumulated amortization(509)(413)
Acquired customer relationships, net1,398 1,494 
Total intangible assets, net$16,036 $42,205 
Intangible liabilities
Acquired unfavorable lease intangibles$8,971 $13,767 
Less: Accumulated amortization(1,391)(1,259)
Acquired unfavorable lease intangibles, net$7,580 $12,508 
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 OperationsThree Months Ended March 31,
20252024
Lease intangiblesLease income$3,206 $3,976 
Customer relationshipsDepreciation and amortization95 117 
Total$3,301 4,093 
As of March 31, 2025, estimated net annual amortization of intangibles is as follows (unaudited):
Remainder of 2025$3,014 
20261,868 
20271,381 
20281,884 
2029548 
Thereafter(239)
Total$8,456