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GOODWILL AND OTHER INTANGIBLES

6 Months Ended

Jun. 30, 2025

Goodwill and Other Intangibles [Abstract]

GOODWILL AND OTHER INTANGIBLES

NOTE 10 – GOODWILL AND OTHER INTANGIBLES

The following is a summary of our goodwill as of June 30, 2025 and December 31, 2024:

​	​	​	​
​		(in thousands)
Balance as of December 31, 2024	​	$	643,664
Foreign currency translation	​		1,224
Balance as of June 30, 2025	​	$	644,888

​

​

The following is a summary of our intangible assets and liabilities as of June 30, 2025 and December 31, 2024:

​	​	​	​	​	​	​
​		June 30,		​	December 31,
​		2025			​	2024
​	​	(in thousands)
Assets:		​			​	​
Above market leases	​	$	34,554	​	$	31,864
Accumulated amortization	​		(5,399)			(3,800)
Net above market leases	​	$	29,155	​	$	28,064
​	​	​	​	​	​	​
Liabilities:	​		​			​
Below market leases	​	$	33,014	​	$	34,723
Accumulated amortization	​		(26,147)			(26,647)
Net below market leases	​	$	6,867	​	$	8,076

​

Above market leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income.

For the three months ended June 30, 2025 and 2024, our net amortization related to intangibles was $(0.6) million and $0.6 million, respectively. For the six months ended June 30, 2025 and 2024, our net amortization related to intangibles was $(0.8) million and $1.1 million, respectively. The estimated net amortization expense related to these intangibles for the remainder of 2025 and the next four years is as follows: remainder of 2025 – $(1.1) million; 2026 – $(2.1) million; 2027 – $(2.1) million; 2028 – $(2.2) million and 2029 – $(2.2) million. As of June 30, 2025, the weighted average remaining amortization period of above market lease assets is ten years and below market lease liabilities is nine years.

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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