v3.25.4

Intangible Assets, Net (Tables) | 12 Months Ended
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Dec. 31, 2025
Intangible Assets, Net |
Schedule of intangible assets, net | The following table summarizes the intangible assets, net:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2025 | ​ | December 31, 2024
​ | ​ ​ ​ | Gross | ​ ​ ​ | Accumulated Amortization | ​ | Net | ​ | Gross | ​ ​ ​ | Accumulated Amortization | ​ | Net
​ | ​ | (In thousands)
Lease intangible assets: |  | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​
In-place leases | ​ | $ | 14,289 | ​ | $ | (8,061) | ​ | $ | 6,228 | ​ | $ | 7,799 | ​ | $ | (6,330) | ​ | $ | 1,469
Above-market real estate leases | ​ |  | 2,701 | ​ |  | (981) | ​ |  | 1,720 | ​ |  | 528 | ​ |  | (481) | ​ |  | 47
​ | ​ | ​ | 16,990 | ​ | ​ | (9,042) | ​ | ​ | 7,948 | ​ | ​ | 8,327 | ​ | ​ | (6,811) | ​ | ​ | 1,516
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other identified intangible assets: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Wireless spectrum licenses (1) | ​ | ​ | 5,000 | ​ | ​ | — | ​ | ​ | 5,000 | ​ | ​ | 25,780 | ​ | ​ | — | ​ | ​ | 25,780
Option to enter into ground lease | ​ | ​ | 17,090 | ​ | ​ | — | ​ | ​ | 17,090 | ​ | ​ | 17,090 | ​ | ​ | — | ​ | ​ | 17,090
Management and leasing contracts | ​ |  | 2,800 | ​ |  | (2,505) | ​ |  | 295 | ​ |  | 43,600 | ​ |  | (40,986) | ​ |  | 2,614
​ | ​ | ​ | 24,890 | ​ | ​ | (2,505) | ​ | ​ | 22,385 | ​ | ​ | 86,470 | ​ | ​ | (40,986) | ​ | ​ | 45,484
Total intangible assets, net | ​ | $ | 41,880 | ​ | $ | (11,547) | ​ | $ | 30,333 | ​ | $ | 94,797 | ​ | $ | (47,797) | ​ | $ | 47,000
(1) | During the year ended December 31, 2025, we recognized an impairment loss of $20.8 million, which was included in "Impairment loss" in our consolidated statement of operations.
Schedule of intangible assets amortization expense | The following table summarizes amortization expense related to lease and other identified intangible assets:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ | ​ | (In thousands)
In-place lease amortization (1) | ​ | $ | 1,770 | ​ | $ | 1,350 | ​ | $ | 4,972
Above-market real estate lease amortization (2) |  | ​ | 499 |  | ​ | 569 |  | ​ | 720
Management and leasing contract amortization (1) |  | ​ | 2,319 |  | ​ | 5,499 |  | ​ | 5,590
Total amortization expense related to lease and other identified intangible assets | ​ | $ | 4,588 | ​ | $ | 7,418 | ​ | $ | 11,282
(1) | Amounts are included in "Depreciation and amortization expense" in our consolidated statements of operations.
(2) | Amounts are included in "Property rental revenue" in our consolidated statements of operations.
Schedule of finite-lived intangible assets, future amortization expense | The following table summarizes the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2025:
​ | ​ | ​ | ​
Year ending December 31, | ​ ​ ​ | Amount
​ | ​ | (In thousands)
2026 | ​ | $ | 3,231
2027 |  | ​ | 2,093
2028 |  | ​ | 935
2029 |  | ​ | 700
2030 |  | ​ | 502
Thereafter |  | ​ | 782
Total (1) | ​ | $ | 8,243
(1) | Estimated amortization related to the option to enter into ground lease is excluded from the table above as the ground lease does not have a definite start date. Additionally, the wireless spectrum licenses are excluded from the table above as they are indefinite-lived intangible assets.

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