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Intangible Assets and Liabilities | 12 Months Ended
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Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Liabilities | 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 |
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
The Company records amortization of in-place lease assets to amortization expense, and records net amortization of above-market and below-market lease intangibles as well as amortization of lease incentives to rental revenue. 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 |
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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