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Intangible Assets and Liabilities
 9 Months Ended
Sep. 30, 2025
Finite-Lived Intangible Assets [Line Items]  
Intangible Assets and Liabilities

5. INTANGIBLE ASSETS AND LIABILITIES

The following is a summary of intangible lease assets and liabilities and related accumulated amortization:

(in thousands)
As of September 30, 2025

Cost

 

 

Accumulated Amortization

 

 

Net Book Value

 

Intangible lease assets:

 

 

 

 

 

 

 

 

In-place leases and origination costs

$

135,196

 

 

$

65,838

 

 

$

69,358

 

Above-market leases

 

50,135

 

 

 

23,987

 

 

 

26,148

 

Leasing fees

 

6,984

 

 

 

805

 

 

 

6,179

 

Total intangible lease assets

$

192,315

 

 

$

90,630

 

 

$

101,685

 

 

 

 

 

 

 

 

 

 

Intangible lease liabilities:

 

 

 

 

 

 

 

 

Below-market leases

$

26,123

 

 

$

12,073

 

 

$

14,050

 

Total intangible lease liabilities

$

26,123

 

 

$

12,073

 

 

$

14,050

 

 

(in thousands)
As of December 31, 2024

Cost

 

 

Accumulated Amortization

 

 

Net Book Value

 

Intangible lease assets:

 

 

 

 

 

 

 

 

In-place leases and origination costs

$

138,256

 

 

$

60,773

 

 

$

77,483

 

Above-market leases

 

51,871

 

 

 

21,385

 

 

 

30,486

 

Leasing fees

 

7,235

 

 

 

336

 

 

 

6,899

 

Total intangible lease assets

$

197,362

 

 

$

82,494

 

 

$

114,868

 

 

 

 

 

 

 

 

 

 

Intangible lease liabilities:

 

 

 

 

 

 

 

 

Below-market leases

$

25,607

 

 

$

10,872

 

 

$

14,735

 

Total intangible lease liabilities

$

25,607

 

 

$

10,872

 

 

$

14,735

 

The amortization and net adjustment to rental revenue of intangible lease assets and liabilities was as follows:

 

Successor

 

 

Predecessor

 

 

Successor

 

 

Predecessor

 

 

For the three months ended September 30,

 

 

For the nine months ended September 30,

 

(in thousands)

2025

 

 

2024

 

 

2025

 

 

2024

 

Amortization:

 

 

 

 

 

 

 

 

 

 

 

Amortization of in-place leases and leasing fees

$

3,643

 

 

$

4,196

 

 

$

13,367

 

 

$

12,632

 

 

 

 

 

 

 

 

 

 

 

 

 

Net adjustment to rental revenue:

 

 

 

 

 

 

 

 

 

 

 

Above-market and below-market leases

$

652

 

 

$

423

 

 

$

2,304

 

 

$

1,338

 

 

The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of September 30, 2025 and December 31, 2024 by category are as follows:

Years remaining as at

 

September 30, 2025

 

 

December 31, 2024

 

In-place leases and origination costs

 

 

 

9.6

 

 

 

9.1

 

Leasing fees

 

 

11.5

 

 

 

12.0

 

Above-market leases

 

 

7.9

 

 

 

8.2

 

Below-market leases

 

 

10.4

 

 

 

10.5

 

The estimated future amortization expense for intangible lease assets, net of intangible lease liabilities, are as follows:

(in thousands)

 

 

 

 

September 30, 2025

 

Remainder of 2025

 

 

 

 

$

4,231

 

2026

 

 

 

 

 

16,102

 

2027

 

 

 

 

 

13,462

 

2028

 

 

 

 

 

10,945

 

2029

 

 

 

 

 

9,217

 

2030

 

 

 

 

 

6,951

 

Thereafter

 

 

 

 

 

26,727

 

 

 

 

 

$

87,635