v3.25.4

Intangible Assets, Net | 12 Months Ended
--- | ---
Dec. 31, 2025
Intangible Assets, Net |
Intangible Assets, Net | 8. 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.
​ 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.
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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