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Deferred Leasing Costs and Other Intangibles | 3 Months Ended
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Mar. 31, 2026
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
Deferred Leasing Costs and Other Intangibles | Deferred Leasing Costs and Other Intangibles The Company’s deferred leasing costs, other intangible assets and intangible liabilities at March 31, 2026 and December 31, 2025 are as follows (dollars in thousands):
|  | March 31, 2026
|  | Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Deferred Leasing Costs and Intangible Assets |  |  |  |  |  |
In-place lease values |  | $ | 55,861 |  |  | $ | (34,929) |  |  | $ | 20,932 |
Deferred leasing costs |  | 18,844 |  |  | (11,733) |  |  | 7,111 |
Above-market lease values |  | 7,682 |  |  | (7,581) |  |  | 101 |
|  | $ | 82,387 |  |  | $ | (54,243) |  |  | $ | 28,144 |
|  | December 31, 2025
|  | Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Deferred Leasing Costs and Intangible Assets |  |  |  |  |  |
In-place lease values |  | $ | 52,028 |  |  | $ | (32,762) |  |  | $ | 19,266 |
Deferred leasing costs |  | 20,499 |  |  | (12,836) |  |  | 7,663 |
Above-market lease values |  | 8,517 |  |  | (7,800) |  |  | 717 |
|  | $ | 81,044 |  |  | $ | (53,398) |  |  | $ | 27,646 |
Intangible Liabilities |  |  |  |  |  |
Below-market lease values |  | $ | 776 |  |  | $ | (387) |  |  | $ | 389 |
The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three months ended March 31, 2026 and 2025 (dollars in thousands):
|  | Three Months Ended March 31, |  |
|  | 2026 |  | 2025 |  |  |  |  |  |
Above-market lease values |  | $ | (9) |  |  | $ | (382) |  |  |  |  |  |  |
Below-market lease values |  | 2 |  |  | 323 |  |  |  |  |  |  |
Net decrease to property operating income |  | $ | (7) |  |  | $ | (59) |  |  |  |  |  |  |
In-place lease values |  | $ | 2,290 |  |  | $ | 2,840 |  |  |  |  |  |  |
Deferred leasing costs |  | 322 |  |  | 625 |  |  |  |  |  |  |
Amortization expense |  | $ | 2,612 |  |  | $ | 3,465 |  |  |  |  |  |  |

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