ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of acquired lease intangibles included in other assets and other liabilities

The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands):

    

	December 31, 2022		December 31, 2021
In-place leases	$	58,119	$	67,215
Accumulated amortization	(34,593)		(38,130)
Above market leases	1,885		2,532
Accumulated amortization	(1,778)		(2,383)
Acquired lease intangible assets, net	$	23,633	$	29,234
Below market leases	$	52,832	$	58,655
Accumulated accretion	(33,168)		(36,253)
Acquired lease intangible liabilities, net	$	19,664	$	22,402

Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): 

    

	Year Ended December 31,
	2022		2021		2020
Amortization of in-place leases	$	(7,188)	$	(6,664)	$	(5,018)
Amortization of above market leases	(41)		(34)		(62)
Amortization of below market leases	3,348		3,271		3,994
	$	(3,881)	$	(3,427)	$	(1,086)

Summary of Future Amortization for Acquired In-Place Leases

As of December 31, 2022, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands): 

    

	In-Place Leases		Above Market Leases		Below Market Leases
Year Ending December 31,
2023	$	4,914	$	41	$	3,109
2024	4,499		38		2,742
2025	3,742		25		2,200
2026	3,387		3		1,776
2027	3,012		—		1,460
Thereafter	3,972		—		8,376
	$	23,526	$	107	$	19,664