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, 2025December 31, 2024
In-place leases$48,489 $49,813 
Accumulated amortization(38,280)(35,798)
Above market leases432 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,
  
202520242023
Amortization of in-place leases$(5,180)$(4,583)$(4,928)
Amortization of above market leases(26)(38)(41)
Amortization of below market leases2,153 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 
20273,009 — 1,278 
20282,801 — 1,011 
2029773 — 661 
203073 — 455 
Thereafter326 — 5,958 
$10,209 $3 $10,923