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| 5. INTANGIBLE ASSETS AND LIABILITIES |
Goodwill—During the years ended December 31, 2025, 2024, and 2023, we recorded no impairments to goodwill.
Other Intangible Assets and Liabilities—Other intangible assets and liabilities consisted of the following as of December 31, 2025 and 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | |
| | 2025 | | 2024 |
| Gross Amount | | Accumulated Amortization | | Gross Amount | | Accumulated Amortization |
| Corporate intangible assets | $ | 6,703 | | | $ | (6,684) | | | $ | 6,703 | | | $ | (6,356) | |
| In-place leases | 538,324 | | | (355,801) | | | 523,209 | | | (330,372) | |
| Above-market leases | 77,551 | | | (65,788) | | | 76,359 | | | (62,895) | |
| Below-market lease liabilities | (214,122) | | | 95,766 | | | (201,976) | | | 85,880 | |
Above-market contract(1) | (2,496) | | | 1,498 | | | (2,496) | | | 998 | |
(1)Recorded in Accounts Payable and Other Liabilities on our consolidated balance sheets.
Summarized below is the amortization recorded on other intangible assets and liabilities for the years ended December 31, 2025, 2024, and 2023 (in thousands):
| | | | | | | | | | | | | | | | | |
| 2025 | | 2024 | | 2023 |
| Corporate intangible assets | $ | 328 | | | $ | 361 | | | $ | 361 | |
| In-place leases | 38,274 | | | 35,319 | | | 34,380 | |
| Above-market leases | 4,160 | | | 5,026 | | | 5,865 | |
| Below-market lease liabilities | (12,803) | | | (11,613) | | | (11,044) | |
| Above-market contract | (499) | | | (499) | | | (499) | |
Estimated future amortization of the respective other intangible assets and liabilities as of December 31, 2025 for each of the next five years is as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Corporate Intangible Assets | | In-Place Leases | | Above-Market Leases | | Below-Market Lease Liabilities | | Above-Market Contract |
| 2026 | $ | 9 | | | $ | 33,593 | | | $ | 3,113 | | | $ | (12,604) | | | $ | (499) | |
| 2027 | 5 | | | 28,532 | | | 2,334 | | | (11,963) | | | (499) | |
| 2028 | 4 | | | 23,462 | | | 1,752 | | | (11,195) | | | — | |
| 2029 | 2 | | | 19,553 | | | 1,247 | | | (10,411) | | | — | |
| 2030 | — | | | 15,930 | | | 783 | | | (9,490) | | | — | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.