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INTANGIBLE ASSETS AND LIABILITIES | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
INTANGIBLE ASSETS AND LIABILITIES | ​ NOTE 9. INTANGIBLE ASSETS AND LIABILITIES ​ Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. The gross values of certain intangible lease assets and liabilities that were fully amortized as of December 31, 2024, and the related accumulated amortization, were adjusted in the disclosure below. There was no impact to Intangible Lease Assets-Net or Intangible Lease Liabilities-Net as reported in the consolidated balance sheets as of December 31, 2024 as a result of the disclosure adjustment. Intangible assets and liabilities consisted of the following as of September 30, 2025 and December 31, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2025 |  | December 31, 2024
Intangible Lease Assets: | ​ | ​ | ​ | ​ | ​ | ​
Value of In-Place Leases | ​ | $ | 91,004 | ​ | $ | 82,740
Value of Above Market In-Place Leases | ​ | ​ | 24,581 | ​ | ​ | 23,295
Value of Intangible Leasing Costs | ​ | ​ | 25,904 | ​ | ​ | 24,051
Sub-total Intangible Lease Assets | ​ | ​ | 141,489 | ​ | ​ | 130,086
Accumulated Amortization | ​ | ​ | (66,937) | ​ | ​ | (50,888)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 74,552 | ​ | ​ | 79,198
Intangible Lease Liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (24,098) | ​ | ​ | (21,267)
Sub-total Intangible Lease Liabilities | ​ | ​ | (24,098) | ​ | ​ | (21,267)
Accumulated Amortization | ​ | ​ | 9,318 | ​ | ​ | 6,143
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (14,780) | ​ | ​ | (15,124)
Total Intangible Assets and Liabilities—Net | ​ | $ | 59,772 | ​ | $ | 64,074
​ ​ The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2025 and 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, 2025 | ​ | September 30, 2024 | ​ | September 30, 2025 | ​ | September 30, 2024
Amortization Expense | ​ | $ | 5,951 | ​ | $ | 5,188 | ​ | $ | 18,267 | ​ | $ | 14,532
Accretion to Income Properties Revenue | ​ | ​ | (180) | ​ | ​ | 112 | ​ | ​ | (896) | ​ | ​ | 830
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 5,771 | ​ | $ | 5,300 | ​ | $ | 17,371 | ​ | $ | 15,362
​ Amortization Expense for the three and nine months ended September 30, 2025 includes $0.5 million and $1.8 million, respectively, in the acceleration of amortization of lease intangibles related to certain leases terminated during the nine months ended September 30, 2025. Accretion to Income Properties Revenue for the three and nine months ended September 30, 2025 includes less than $0.1 million and $0.5 million, respectively, in the acceleration of amortization of lease intangibles related to certain leases terminated during the nine months ended September 30, 2025. ​ The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | Future Amortization Expense |  | Future Accretion to Income Property Revenue |  | Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2025 | ​ | $ | 5,263 | ​ | $ | (216) | ​ | $ | 5,047
2026 | ​ | ​ | 18,224 | ​ | ​ | (916) | ​ | ​ | 17,308
2027 | ​ | ​ | 13,407 | ​ | ​ | (701) | ​ | ​ | 12,706
2028 | ​ | ​ | 9,292 | ​ | ​ | (451) | ​ | ​ | 8,841
2029 | ​ | ​ | 5,554 | ​ | ​ | (660) | ​ | ​ | 4,894
2030 | ​ | ​ | 3,908 | ​ | ​ | (358) | ​ | ​ | 3,550
2031 and Thereafter | ​ | ​ | 8,384 | ​ | ​ | (958) | ​ | ​ | 7,426
Total | ​ | $ | 64,032 | ​ | $ | (4,260) | ​ | $ | 59,772
​ As of September 30, 2025, the weighted average amortization period of total intangible assets and liabilities was 7.6 years and 7.0 years, respectively.

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