Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2026

Note 6 – Intangible Assets and Liabilities

Intangible assets and liabilities are summarized as follows (amounts in thousands):

	March 31, 2026									December 31, 2025
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
	(unaudited)			(unaudited)			(unaudited)
Finite-Lived Intangible Assets
In-place leases	$	2,538		$	(1,049	)	$	1,489		$	2,538		$	(1,023	)	$	1,515
Indefinite-Lived Intangible Assets
Development rights		5,659			—			5,659			5,659			—			5,659
Total intangible assets	$	8,197		$	(1,049	)	$	7,148		$	8,197		$	(1,023	)	$	7,174

Finite-Lived Intangible Liabilities
Below-market leases	$	(1,538	)	$	431		$	(1,107	)	$	(1,538	)	$	411		$	(1,127	)
Total intangible liabilities	$	(1,538	)	$	431		$	(1,107	)	$	(1,538	)	$	411		$	(1,127	)

In-place leases and development rights intangible assets, noted above, are included in Intangible assets on the consolidated balance sheets. Below-market lease liabilities, noted above, are included in Intangible liabilities, net on the consolidated balance sheets.

Amortization of in-place lease intangible assets was less than $0.1 million and less than $0.1 million for the three months ended March 31, 2026 and 2025, respectively, and is included in Depreciation and amortization in the consolidated statements of operations.

Amortization of below-market lease liabilities was less than $0.1 million and less than $0.1 million for the three months ended March 31, 2026 and 2025, respectively, and is included in Rental revenue in the consolidated statements of operations.