Acquired Lease Intangibles

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes our acquisition related intangible assets, including the value of in-place tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition related intangible liabilities, including below-market tenant leases (in thousands):


	September 30, 2025		December 31, 2024
Acquired Lease Intangible Assets:
In-place lease intangibles	$	400,805	$	411,567
Accumulated amortization	(280,842)		(252,147)
In-place lease intangibles, net	$	119,963	$	159,420

Above-market tenant leases	$	50,053	$	51,225
Accumulated amortization	(27,479)		(21,695)
Above-market tenant leases, net	$	22,574	$	29,530

Below-market ground lease	$	12,976	$	12,976
Accumulated amortization	(582)		(459)
Below-market ground lease, net	$	12,394	$	12,517
Acquired lease intangible assets, net	$	154,931	$	201,467

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(274,353)	$	(280,840)
Accumulated amortization	151,483		133,367
Below-market tenant leases, net	$	(122,870)	$	(147,473)




Acquired lease intangible liabilities, net	$	(122,870)	$	(147,473)

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
In-place lease intangibles(1)	$	11,645	$	12,900	$	39,458	$	34,929
Net below-market tenant leases(2)	$	(4,393)	$	(5,770)	$	(17,647)	$	(18,896)
Below-market ground leases(3)	$	41	$	41	$	123	$	123

(1)The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.

(2)The amortization of net below-market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.

(3)The amortization of net below-market ground lease is recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.

Rexford Industrial Realty, Inc. 10-Q