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Intangible Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Finite-Lived Intangible Assets [Line Items]  
Summary of Intangible Lease Assets and Liabilities and Related Accumulated Amortization

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

 
Summary of Amortization and Net Adjustment to Rental Revenue of Intangible Lease Assets and Liabilities

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

 

 
Summary of Remaining Weighted Average Amortization Period for Intangible Assets and Liabilities

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

 
Summary of Estimated Future Amortization Expense for Intangible Lease Assets, Net of Intangible Lease Liabilities

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