INTANGIBLE ASSETS AND LIABILITIES, NET

6 Months Ended

Jun. 30, 2026

5. INTANGIBLE ASSETS AND LIABILITIES, NET

Intangible assets and liabilities, net are summarized as follows:


	June 30, 2026 (unaudited)		December 31, 2025
Intangible assets
Acquired favorable lease intangibles	$	4,961	$	17,245
Less: Accumulated amortization	(2,772)		(8,935)
Acquired favorable lease intangibles, net	2,189		8,310
Acquired customer relationships	12,607		12,607
Less: Accumulated amortization	(1,748)		(988)
Acquired customer relationships, net	10,859		11,619
Total intangible assets, net	$	13,048	$	19,929

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,970	$	7,688
Less: Accumulated amortization	(2,516)		(2,132)
Acquired unfavorable lease intangibles, net	$	3,454	$	5,556

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


			Weighted Average Amortization Period
Lease intangibles			1.3 years
Customer relationships			10.2 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease income	$	(89)	$	2,153	$	248	$	5,359
Depreciation and amortization	379		124		757		219
	$	290	2,277		$	1,005	5,578

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