XML 39 R23.htm IDEA: XBRL DOCUMENT

INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

6. INTANGIBLE ASSETS AND LIABILITIES

As of September 30, 2025 and December 31, 2024, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	September 30, 2025
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	12,864	$	(9,084)	$	3,780
Tenant relationship value	110		(60)		50
Above market leases acquired	75		(60)		15


Total intangible assets, net	$	13,049	$	(9,204)	$	3,845

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	15,039	$	(8,503)	$	6,536


	December 31, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	15,794	$	(10,363)	$	5,431
Tenant relationship value	110		(57)		53
Above market leases acquired	75		(54)		21


Total intangible assets, net	$	15,979	$	(10,474)	$	5,505

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	16,413	$	(9,121)	$	7,292

As of September 30, 2025, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2025 (three months remaining)	$	169	$	162
2026	676		646
2027	570		618
2028	253		533
2029	253		533
Thereafter	1,924		4,044


Total	$	3,845	$	6,536