| 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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