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Identified Intangible Liabilities, Net
6 Months Ended
Jun. 30, 2022
Identified Intangible Liabilities [Abstract]  
Identified Intangible Liabilities, Net
11. Identified Intangible Liabilities, Net
As of June 30, 2022 and December 31, 2021, identified intangible liabilities, net consisted of below-market leases of $11,663,000 and $12,715,000, respectively, net of accumulated amortization of $1,699,000 and $1,047,000, respectively. Amortization expense on below-market leases for the three months ended June 30, 2022 and 2021 was $414,000 and $45,000, respectively, and for the six months ended June 30, 2022 and 2021 was $1,023,000 and $92,000, respectively, which is recorded as an increase to real estate revenue in our accompanying condensed consolidated statements of operations and comprehensive loss.
The weighted average remaining life of below-market leases was 8.8 years and 9.1 years as of June 30, 2022 and December 31, 2021, respectively. As of June 30, 2022, estimated amortization expense on below-market leases for the six months ending December 31, 2022 and for each of the next four years ending December 31 and thereafter was as follows:
YearAmount
2022$825,000 
20231,596,000 
20241,475,000 
20251,347,000 
20261,198,000 
Thereafter5,222,000 
$11,663,000