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Intangible Assets and Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Intangible Assets and Liabilities | Intangible assets and liabilities consisted of the following (in thousands):
| December 31, 2025 |  | December 31, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
In-place leases | $ | 228,508 |  |  | $ | (77,628) |  |  | $ | 150,880 |  |  | $ | 203,104 |  |  | $ | (60,729) |  |  | $ | 142,375 |
Above-market leases | 22,696 |  |  | (6,567) |  |  | 16,129 |  |  | 19,644 |  |  | (5,500) |  |  | 14,144 |
Lease incentives | 8,678 |  |  | (2,247) |  |  | 6,431 |  |  | 9,529 |  |  | (1,656) |  |  | 7,873 |
Total intangible assets | $ | 259,882 |  |  | $ | (86,442) |  |  | $ | 173,440 |  |  | $ | 232,277 |  |  | $ | (67,885) |  |  | $ | 164,392 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Below-market leases | $ | 28,627 |  |  | $ | (11,717) |  |  | $ | 16,910 |  |  | $ | 29,847 |  |  | $ | (9,670) |  |  | $ | 20,177 |
Weighted Average Amortization Period for Intangible Assets and Liabilities | The remaining weighted average amortization period for the Company’s intangible assets and liabilities by category were as follows:
| Years Remaining as of
| December 31, 2025 |  | December 31, 2024
In-place leases | 8.7 |  | 8.6
Above-market leases | 11.9 |  | 11.4
Below-market leases | 9.5 |  | 10.1
Lease incentives | 8.9 |  | 10.1
Amortization of Intangible Assets and Liabilities | The following amounts in the accompanying consolidated statements of operations and comprehensive loss related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Amortization: |  |  |  |  |
Amortization of in-place leases | $ | 22,766 |  |  | $ | 21,302 |  |  | $ | 19,203 |
Net adjustment to rental revenue: |  |  |  |  |
Above-market lease assets | (1,493) |  |  | (1,621) |  |  | (1,575) |
Below-market lease liabilities | 2,499 |  |  | 2,839 |  |  | 2,975 |
Lease incentives | (849) |  |  | (760) |  |  | (789) |
| $ | 157 |  |  | $ | 458 |  |  | $ | 611 |
Projected Amortization of Intangible Assets and Liabilities | The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of December 31, 2025, for the next five years and thereafter (in thousands):
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
In-place leases | $ | 24,052 |  |  | $ | 22,313 |  |  | $ | 19,594 |  |  | $ | 17,191 |  |  | $ | 14,273 |  |  | $ | 53,457 |  |  | $ | 150,880 |
Above-market lease assets | (1,687) |  |  | (1,635) |  |  | (1,604) |  |  | (1,455) |  |  | (1,359) |  |  | (8,389) |  |  | (16,129) |
Below-market lease liabilities | 2,368 |  |  | 2,298 |  |  | 2,171 |  |  | 1,990 |  |  | 1,818 |  |  | 6,265 |  |  | 16,910 |
Lease incentives | (859) |  |  | (804) |  |  | (774) |  |  | (735) |  |  | (732) |  |  | (2,527) |  |  | (6,431) |
Net adjustment to rental revenue | $ | (178) |  |  | $ | (141) |  |  | $ | (207) |  |  | $ | (200) |  |  | $ | (273) |  |  | $ | (4,651) |  |  | $ | (5,650) |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of December 31, 2025, for the next five years and thereafter (in thousands):
| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total
In-place leases | $ | 24,052 |  |  | $ | 22,313 |  |  | $ | 19,594 |  |  | $ | 17,191 |  |  | $ | 14,273 |  |  | $ | 53,457 |  |  | $ | 150,880 |
Above-market lease assets | (1,687) |  |  | (1,635) |  |  | (1,604) |  |  | (1,455) |  |  | (1,359) |  |  | (8,389) |  |  | (16,129) |
Below-market lease liabilities | 2,368 |  |  | 2,298 |  |  | 2,171 |  |  | 1,990 |  |  | 1,818 |  |  | 6,265 |  |  | 16,910 |
Lease incentives | (859) |  |  | (804) |  |  | (774) |  |  | (735) |  |  | (732) |  |  | (2,527) |  |  | (6,431) |
Net adjustment to rental revenue | $ | (178) |  |  | $ | (141) |  |  | $ | (207) |  |  | $ | (200) |  |  | $ | (273) |  |  | $ | (4,651) |  |  | $ | (5,650) |

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