Lease Intangible Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Summary of Lease Intangible Assets

The following tables summarize the Company’s lease intangible assets (acquired in-place leases and above-market leases) and liabilities (acquired below-market leases, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets), net of accumulated amortization, as of June 30, 2022 and December 31, 2021 (in thousands):

June 30, 2022
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	23,982	$	(14,361	)	$	9,621
Above-market leases, net		2,485		(1,811	)		674
Total	$	26,467	$	(16,172	)	$	10,295

December 31, 2021
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	30,071	$	(16,670	)	$	13,401
Above-market leases, net		3,925		(2,509	)		1,416
Total	$	33,996	$	(19,179	)	$	14,817

Summary of Lease Intangible Liabilities

	Gross		Accumulated
Lease Intangible Liabilities	Liability		Amortization			Balance
Below-market leases, net	$	4,731	$	(1,736	)	$	2,995
Total	$	4,731	$	(1,736	)	$	2,995

	Gross		Accumulated
Lease Intangible Liabilities	Liability		Amortization			Balance
Below-market leases, net	$	5,802	$	(2,146	)	$	3,656
Total	$	5,802	$	(2,146	)	$	3,656

Schedule of Future Amortization of Acquired Leases

Future amortization of these leases intangibles is set forth below (in thousands):

	(Above) / below market leases, net			Below market ground lease		In-place leases
Remainder of 2022	$	(7	)	$	101	$	1,159
2023		(2	)		203		1,506
2024		22			203		979
2025		85			203		725
2026		166			203		478
2027		166			203		392
Thereafter		1,885			9,230		4,501