At March 31, 2026, and December 31, 2025, intangible assets included the following ($ in thousands):


	2026		2025
In-place leases, net of accumulated amortization of $140,929 and $136,277 in 2026 and 2025, respectively	$	155,259	$	135,606
Below-market ground leases, net of accumulated amortization of $2,925 and $2,854 in 2026 and 2025, respectively	16,327		16,398
Above-market leases, net of accumulated amortization of $23,519 and $23,949 in 2026 and 2025, respectively	10,536		11,060
Goodwill	1,674		1,674
	$	183,796	$	164,738

At March 31, 2026, and December 31, 2025, intangible liabilities were the following ($ in thousands):


	2026		2025
Below-market leases, net of accumulated amortization of $65,720 and $61,343 in 2026 and 2025, respectively	$	126,841	$	117,085

The amortization of the above assets and liabilities are recorded as follows ($ in thousands):


	Three Months Ended March 31,
	2026		2025
Revenues:
Rental property revenues, net (Below-market and Above-market leases)	$	4,100	$	2,822

Expenses:
Depreciation and amortization (In-place leases)	6,814		5,880
Rental property operating and other expenses (Below-market ground leases)	76		70

Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):


	In-Place Leases		Below-Market Ground Leases		Above-Market Leases		Below-Market Leases
2026 (nine months)	$	19,846	$	212	$	1,776	$	(12,702)
2027	22,395		282		1,839		(15,004)
2028	20,457		282		1,729		(14,631)
2029	18,326		282		1,460		(13,832)
2030	15,883		282		1,265		(12,240)
Thereafter	58,352		14,987		2,467		(58,432)
	$	155,259	$	16,327	$	10,536	$	(126,841)