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Intangible Assets and Liabilities | 6 Months Ended
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Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Liabilities | Intangible Assets and Liabilities The following table summarizes the Company’s intangible assets and liabilities:
As of |  | Gross Asset (Liability) |  | Accumulated Amortization |  | Net Carrying Amount
|  |  |  | (in thousands) |  |
June 30, 2025: |  |  |  |  |  |
In-place lease intangibles |  | $ | 55,482 |  |  | $ | (42,359) |  |  | $ | 13,123 |
Above-market leases |  | 805 |  |  | (554) |  |  | 251 |
Other intangibles |  | (1,138) |  |  | 438 |  |  | (700) |
Below-market leases |  | (33,595) |  |  | 14,529 |  |  | (19,066) |
December 31, 2024: |  |  |  |  |  |
In-place lease intangibles |  | $ | 51,630 |  |  | $ | (38,994) |  |  | $ | 12,636 |
Above-market leases |  | 795 |  |  | (490) |  |  | 305 |
Other intangibles |  | (1,262) |  |  | 523 |  |  | (739) |
Below-market leases |  | (29,069) |  |  | 12,898 |  |  | (16,171) |
Amortization of in-place lease intangibles was $1.8 million and $3.5 million for the three and six months ended June 30, 2025, respectively, and $2.0 million and $3.8 million for the three and six months ended June 30, 2024, respectively. This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive Income. Amortization of acquired above-market leases was $0.03 million and $0.06 million for the three and six months ended June 30, 2025, respectively, and $0.04 million and $0.09 million for the three and six months ended June 30, 2024, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income. Amortization of other intangibles was $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively, and $0.1 million and $0.1 million for the three and six months ended June 30, 2024, respectively, and is included in "Rental income" in the Consolidated Statements of Operations and Comprehensive Income. Amortization of acquired below-market leases was $0.9 million and $1.6 million for the three and six months ended June 30, 2025, respectively, and $0.8 million and $1.5 million for the three and six months ended June 30, 2024, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income. Future amortization/accretion of these intangibles is below (in thousands):
Year Ending December 31, |  | In-place lease intangibles |  | Above-market leases |  | Other intangibles |  | Below-market leases
2025-Remaining |  | $ | 3,232 |  |  | $ | 59 |  |  | $ | (125) |  |  | $ | (1,713) |
2026 |  | 4,609 |  |  | 95 |  |  | (233) |  |  | (2,931) |
2027 |  | 2,537 |  |  | 50 |  |  | (141) |  |  | (2,394) |
2028 |  | 1,425 |  |  | 24 |  |  | (74) |  |  | (1,965) |
2029 |  | 809 |  |  | 18 |  |  | (58) |  |  | (1,693) |
Thereafter |  | 511 |  |  | 5 |  |  | (69) |  |  | (8,370) |
Total |  | $ | 13,123 |  |  | $ | 251 |  |  | $ | (700) |  |  | $ | (19,066) |

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