INTANGIBLE ASSETS AND LIABILITIES (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of components of intangible lease assets and liabilities |
Intangible assets and liabilities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands): | | | | | | | | | As of | | | March 31,
2026 | | December 31,
2025 | Intangible Lease Assets: | | | | | | | Value of In-Place Leases | | $ | 98,688 | | $ | 99,346 | Value of Above Market In-Place Leases | | | 21,442 | | | 23,052 | Value of Intangible Leasing Costs | | | 30,004 | | | 29,963 | Sub-total Intangible Lease Assets | | | 150,134 | | | 152,361 | Accumulated Amortization | | | (63,655) | | | (67,651) | Sub-total Intangible Lease Assets—Net | | | 86,479 | | | 84,710 | Intangible Lease Liabilities: | | | | | | | Value of Below Market In-Place Leases | | | (43,190) | | | (42,144) | Sub-total Intangible Lease Liabilities | | | (43,190) | | | (42,144) | Accumulated Amortization | | | 10,628 | | | 10,658 | Sub-total Intangible Lease Liabilities—Net | | | (32,562) | | | (31,486) | Total Intangible Assets and Liabilities—Net | | $ | 53,917 | | $ | 53,224 |
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| Schedule of net amortization of intangible assets and liabilities |
The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2026 and 2025 (in thousands): | | | | | | | | | Three Months Ended March 31, | | | 2026 | | 2025 | Amortization Expense | | $ | 6,295 | | $ | 6,028 | Accretion to Income Properties Revenue | | | (910) | | | (449) | Net Amortization of Intangible Assets and Liabilities | | $ | 5,385 | | $ | 5,579 |
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| Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities |
The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): | | | | | | | | | | As of March 31, 2026 | | Future Amortization Expense | | Future Accretion to Income Property Revenue | | Net Future Amortization of Intangible Assets and Liabilities | Remainder of 2026 | | $ | 16,679 | | $ | (2,456) | | $ | 14,223 | 2027 | | | 17,460 | | | (2,800) | | | 14,660 | 2028 | | | 12,263 | | | (2,664) | | | 9,599 | 2029 | | | 8,074 | | | (2,459) | | | 5,615 | 2030 | | | 6,327 | | | (2,058) | | | 4,269 | 2031 | | | 5,211 | | | (2,104) | | | 3,107 | 2032 and Thereafter | | | 11,062 | | | (8,618) | | | 2,444 | Total | | $ | 77,076 | | $ | (23,159) | | $ | 53,917 |
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