v3.25.4
Deferred Costs, Acquired Lease Intangibles and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Deferred Costs, Net
Deferred costs, net, consisted of the following:
(amounts in thousands)December 31, 2025December 31, 2024
Deferred leasing costs$227,722 $230,836 
Acquired in-place lease value, acquired deferred leasing costs and deferred acquisition costs190,570 137,580 
Acquired above-market leases57,569 19,636 
Total deferred costs, excluding deferred financing costs475,861 388,052 
Less: accumulated amortization(214,917)(212,972)
Total deferred costs, net, excluding net deferred financing costs260,944 175,080 
Deferred financing costs, net of accumulated amortization of $9,900 and $7,783, respectively (See Note 5)
6,738 8,907 
Total deferred costs, net$267,682 $183,987 
Deferred financing costs, net, consisted of the following:
(amounts in thousands)December 31, 2025December 31, 2024
Deferred financing costs, included as a component of net debt$17,207 $36,309 
Deferred financing costs, included as a component of net deferred costs (See Note 4)16,638 16,638 
Total deferred financing costs33,845 52,947 
Less: accumulated amortization(15,228)(33,970)
Total deferred financing costs, net$18,617 $18,977 
The total amortization expense related to deferred financing costs consisted of the following:
Year ended December 31,
(amounts in thousands)202520242023
Amortization of deferred financing costs$4,428 $4,278 $4,355 
Schedule of Amortizing Acquired Intangible Assets and Liabilities
Acquired below-market ground leases, net, consisted of the following:
(amounts in thousands)December 31, 2025December 31, 2024
Acquired below-market ground leases$396,916 $396,916 
Less: accumulated amortization(91,337)(83,506)
Acquired below-market ground leases, net$305,579 $313,410 
Acquired below-market leases, net, consisted of the following:    
(amounts in thousands)December 31, 2025December 31, 2024
Acquired below-market leases$(81,539)$(56,359)
Less: accumulated amortization41,772 36,862 
Acquired below-market leases, net$(39,767)$(19,497)
Schedule of Amortization Related to Deferred Costs and Acquired Lease Intangibles
The total amortization related to deferred costs and acquired lease intangibles consisted of the following:
Year Ended December 31,
(amounts in thousands)202520242023
Rental revenue:
Amortization of below-market leases, net of above-market leases$3,196 $2,177 $2,415 
Depreciation and amortization:
Amortization of deferred leasing costs and acquired deferred leasing costs21,179 22,469 23,612 
Amortization related to acquired in-place lease value5,794 5,196 7,421 
Schedule of Remaining Weighted Average Amortization Period for Intangible Assets
The remaining weighted-average amortization periods as of December 31, 2025 are:
Weighted-average amortization period
Below-market ground leases41.7 years
Above-market leases11.7 years
In-place leases and deferred leasing costs10.5 years
Below-market leases7.3 years
Schedule of Future Amortization Expense and Rental Revenue from Acquired Intangible Assets
We expect to recognize amortization expense and rental revenue from the acquired intangible assets and liabilities as follows (amounts in thousands):
For the year ending:Future Ground Rent AmortizationFuture Amortization ExpenseFuture (Above)/Below-Market Rent Revenue Amortization
2026$7,831 $11,329 $1,856 
20277,831 10,472 1,495 
20287,831 9,692 1,304 
20297,831 7,586 460 
20307,831 5,295 465 
Thereafter266,424 34,750 (9,173)
$305,579 $79,124 $(3,593)