INTANGIBLE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2023

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands):

	As of
	September 30, 2023		December 31, 2022
Intangible Lease Assets:
Value of In-Place Leases	$	48,578	$	49,974
Value of Above Market In-Place Leases		2,926		3,897
Value of Intangible Leasing Costs		19,005		20,579
Sub-total Intangible Lease Assets		70,509		74,450
Accumulated Amortization		(18,885)		(14,018)
Sub-total Intangible Lease Assets—Net		51,624		60,432
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(6,867)		(6,130)
Sub-total Intangible Lease Liabilities		(6,867)		(6,130)
Accumulated Amortization		1,683		1,080
Sub-total Intangible Lease Liabilities—Net		(5,184)		(5,050)
Total Intangible Assets and Liabilities—Net	$	46,440	$	55,382

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Amortization Expense	$	2,218	$	2,193	$	6,721	$	6,484
Accretion to Properties Revenue		(110)		(78)		(299)		(248)
Net Amortization of Intangible Assets and Liabilities	$	2,108	$	2,115	$	6,422	$	6,236

Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):

Year Ending December 31,	Future Amortization Expense		Future Accretion to Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2023	$	2,225	$	(120)	$	2,105
2024		8,522		(465)		8,057
2025		7,861		(437)		7,424
2026		7,419		(454)		6,965
2027		5,889		(428)		5,461
2028		4,797		(379)		4,418
2029 and Thereafter		12,845		(835)		12,010
Total	$	49,558	$	(3,118)	$	46,440