INTANGIBLES

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 8—INTANGIBLES

The following is a summary of our intangibles (dollars in thousands):


	As of March 31, 2026			As of December 31, 2025
	Balance		Weighted Average Remaining Amortization Period in Years	Balance		Weighted Average Remaining Amortization Period in Years
Intangible assets:
Above-market lease intangibles (1)	$	120,134	3.8	$	120,178	4.0
In-place lease and other real estate intangibles (2)	1,651,235		6.2	1,560,389		7.0
Acquired lease intangibles	1,771,369			1,680,567
Goodwill	1,045,774		n/a	1,046,072		n/a
Other intangibles (2)	41,240		55.5	41,261		48.0
Accumulated amortization	(1,427,786)		n/a	(1,374,077)		n/a
Net intangible assets	$	1,430,597	7.3	$	1,393,823	8.1
Intangible liabilities:
Below-market lease intangibles (1)	$	246,085	13.3	$	246,153	13.1
Other lease intangibles	13,498		n/a	13,498		n/a
Accumulated amortization	(200,801)		n/a	(198,762)		n/a
Purchase option intangibles	3,568		n/a	3,568		n/a
Net intangible liabilities	$	62,350	13.3	$	64,457	13.1

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(1) Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income.

(2) Amortization of intangibles is recorded in Depreciation and amortization in our Consolidated Statements of Income.

n/a—not applicable

During the three months ended March 31, 2026, we acquired $93.6 million of intangible assets as part of our real estate acquisitions, consisting primarily of in-place lease intangibles, with a weighted average amortization period of 1.9 years at acquisition date. During the year ended December 31, 2025, we acquired $209.5 million of intangible assets as part of our real estate acquisitions, consisting primarily of in-place lease intangibles, with a weighted average amortization period of 3.5 years at acquisition date.

Other intangibles (including non-compete agreements, trade names and trademarks) are included in Other assets on our Consolidated Balance Sheets. Net intangible liabilities are included in Accounts payable and other liabilities on our Consolidated Balance Sheets.