v3.25.4

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables) | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Summary of acquired lease intangibles included in other assets and other liabilities | The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands):
| December 31, 2025 |  | December 31, 2024
In-place leases | $ | 48,489 |  |  | $ | 49,813 |
Accumulated amortization | (38,280) |  |  | (35,798) |
Above market leases | 432 |  |  | 432 |
Accumulated amortization | (429) |  |  | (403) |
Acquired lease intangible assets, net | $ | 10,212 |  |  | $ | 14,044 |
Below market leases | $ | 38,446 |  |  | $ | 42,420 |
Accumulated accretion | (27,523) |  |  | (29,344) |
Acquired lease intangible liabilities, net | $ | 10,923 |  |  | $ | 13,076 |
Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Amortization of in-place leases | $ | (5,180) |  |  | $ | (4,583) |  |  | $ | (4,928) |
Amortization of above market leases | (26) |  |  | (38) |  |  | (41) |
Amortization of below market leases | 2,153 |  |  | 2,721 |  |  | 3,127 |
| $ | (3,053) |  |  | $ | (1,900) |  |  | $ | (1,842) |
Summary of Future Amortization for Acquired In-Place Leases | As of December 31, 2025, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands):
| In-Place Leases |  | Above Market Leases |  | Below Market Leases
Year Ending December 31, |  |  |  |  |
2026 | $ | 3,227 |  |  | $ | 3 |  |  | $ | 1,559 |
2027 | 3,009 |  |  | — |  |  | 1,278 |
2028 | 2,801 |  |  | — |  |  | 1,011 |
2029 | 773 |  |  | — |  |  | 661 |
2030 | 73 |  |  | — |  |  | 455 |
Thereafter | 326 |  |  | — |  |  | 5,958 |
| $ | 10,209 |  |  | $ | 3 |  |  | $ | 10,923 |

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