v3.25.4

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES | 12 Months Ended
--- | ---
Dec. 31, 2025
Leases [Abstract] |
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES | ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES 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 |
The value allocated to in-place leases is amortized over the related lease term as depreciation and amortization expense in the statement of comprehensive income. Above and below market leases are amortized over the related lease term as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of comprehensive income. Rental income (loss) includes net amortization from acquired above and below market leases of $2.1 million, $2.7 million and $3.1 million in 2025, 2024 and 2023, respectively. The remaining weighted-average amortization period as of December 31, 2025, is 3.8 years, 0.2 years and 12.6 years for in-place leases, above market leases and below market leases, respectively. Below market leases include $4.5 million related to below market renewal options, and the weighted-average period prior to the commencement of the renewal options is 11.3 years. 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) |
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 |

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-4 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481283/985-20-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 985 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/985-20/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration