Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

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

Schedule of Intangible Liabilities

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

Schedule of Amortization of Intangible Assets and Liabilities

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

Schedule of Aggregate Amortization of Intangible Assets and Liabilities

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)