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Intangible Assets and Liabilities | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND LIABILITIES | INTANGIBLE ASSETS AND LIABILITIES At September 30, 2025 and December 31, 2024, intangible assets included the following ($ in thousands):
|  | 2025 |  | 2024
In-place leases, net of accumulated amortization of $134,072 and $135,945 in 2025 and 2024, respectively |  | $ | 141,722 |  |  | $ | 139,704 |
Below-market ground leases, net of accumulated amortization of $2,784 and $2,572 in 2025 and 2024, respectively |  | 16,469 |  |  | 16,681 |
Above-market leases, net of accumulated amortization of $23,774 and $24,190 in 2025 and 2024, respectively |  | 11,856 |  |  | 13,930 |
Goodwill |  | 1,674 |  |  | 1,674 |
|  | $ | 171,721 |  |  | $ | 171,989 |
At September 30, 2025 and December 31, 2024, intangible liabilities were the following ($ in thousands):
|  | 2025 |  | 2024
Below-market leases, net of accumulated amortization of $62,143 and $56,982 in 2025 and 2024, respectively |  | $ | 121,494 |  |  | $ | 111,221 |
The amortization of the above assets and liabilities are recorded as follows ($ in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Rental property revenues, net (Below-market and Above-market leases) | $ | 3,398 |  |  | $ | 1,476 |  |  | $ | 9,024 |  |  | $ | 4,495 |
Expenses: |  |  |  |  |  |  |
Depreciation and amortization (In-place leases) | 5,925 |  |  | 4,107 |  |  | 17,243 |  |  | 14,471 |
Rental property operating and other expenses (Below-market ground leases) | 71 |  |  | 69 |  |  | 211 |  |  | 240 |
Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):
| In-Place Leases |  | Below-Market Ground Leases |  | Above-Market Leases |  | Below-Market Leases |  |
2025 (three months) | $ | 6,038 |  |  | $ | 71 |  |  | $ | 673 |  |  | $ | (4,360) |  |  |
2026 | 21,950 |  |  | 282 |  |  | 2,417 |  |  | (15,037) |  |  |
2027 | 18,286 |  |  | 282 |  |  | 1,830 |  |  | (12,618) |  |  |
2028 | 16,027 |  |  | 282 |  |  | 1,718 |  |  | (12,274) |  |  |
2029 | 14,630 |  |  | 282 |  |  | 1,449 |  |  | (11,870) |  |  |
Thereafter | 64,791 |  |  | 15,270 |  |  | 3,769 |  |  | (65,335) |  |  |
| $ | 141,722 |  |  | $ | 16,469 |  |  | $ | 11,856 |  |  | $ | (121,494) |  |  |

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