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Lease Intangibles
9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Lease Intangibles
4. Lease Intangibles
Lease intangibles and the value of assumed lease obligations as of September 30, 2023 and December 31, 2022 were comprised of the following (in thousands):
 
 
  
Lease Intangible Assets
 
 
Lease Intangible Liabilities
 
September 30, 2023
  
Above

Market
Leases
   
In Place

Leases
   
Leasing
Commissions
   
Total
   
Below
Market
Leases
   
Below Market
Ground Lease
   
Total
 
Cost
   $ 18,786     $ 76,624     $ 33,288     $ 128,698     $ (14,968   $ (138   $ (15,106
Accumulated amortization
     (10,200     (52,519     (18,689     (81,408     6,972       55       7,027  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
     $ 8,586     $ 24,105     $ 14,599     $ 47,290     $ (7,996   $ (83   $ (8,079
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
     
 
  
Lease Intangible Assets
 
 
Lease Intangible Liabilities
 
December 31, 2022
  
Above

Market
Leases
   
In Place

Leases
   
Leasing
Commissions
   
Total
   
Below
Market
Leases
   
Below Market
Ground Lease
   
Total
 
Cost
   $ 18,793     $ 78,720     $ 34,123     $ 131,636     $ (15,682   $ (138   $ (15,820
Accumulated amortization
     (9,069     (49,772     (17,357     (76,198     6,618       52       6,670  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
     $ 9,724     $ 28,948     $ 16,766     $ 55,438     $ (9,064   $ (86   $ (9,150
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
The estimated aggregate amortization expense for lease intangibles for the next five years and in the aggregate are as follows (in thousands):
 
2023
   $ 2,005  
2024
     6,687  
2025
     6,517  
2026
     6,204  
2027
     5,217  
Thereafter
     12,581  
    
 
 
 
     $ 39,211