INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022 (in thousands):

	As of
	December 31, 2023		December 31, 2022
Intangible Lease Assets:
Value of In-Place Leases	$	48,267	$	49,974
Value of Above Market In-Place Leases		2,942		3,897
Value of Intangible Leasing Costs		18,865		20,579
Sub-total Intangible Lease Assets		70,074		74,450
Accumulated Amortization		(20,782)		(14,018)
Sub-total Intangible Lease Assets—Net		49,292		60,432
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(6,770)		(6,130)
Sub-total Intangible Lease Liabilities		(6,770)		(6,130)
Accumulated Amortization		1,863		1,080
Sub-total Intangible Lease Liabilities—Net		(4,907)		(5,050)
Total Intangible Assets and Liabilities—Net	$	44,385	$	55,382

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2023, 2022, and 2021 (in thousands):

	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Amortization Expense	$	8,936	$	8,801	$	5,977
Accretion to Properties Revenue		(417)		(328)		(257)
Net Amortization of Intangible Assets and Liabilities	$	8,519	$	8,473	$	5,720

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
2024	$	8,443	$	(446)	$	7,997
2025		7,840		(417)		7,423
2026		7,416		(442)		6,974
2027		5,888		(425)		5,463
2028		4,796		(376)		4,420
2029 and Thereafter		12,933		(825)		12,108
Total	$	47,316	$	(2,931)	$	44,385