INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

Intangible assets and liabilities consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):

	As of
	March 31, 2024		December 31, 2023
Intangible Lease Assets:
Value of In-Place Leases	$	96,388	$	90,246
Value of Above Market In-Place Leases		30,993		31,533
Value of Intangible Leasing Costs		26,728		24,974
Sub-total Intangible Lease Assets		154,109		146,753
Accumulated Amortization		(53,070)		(49,644)
Sub-total Intangible Lease Assets—Net		101,039		97,109
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(19,373)		(14,848)
Sub-total Intangible Lease Liabilities		(19,373)		(14,848)
Accumulated Amortization		5,020		4,407
Sub-total Intangible Lease Liabilities—Net		(14,353)		(10,441)
Total Intangible Assets and Liabilities—Net	$	86,686	$	86,668

Schedule of net amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2024 and 2023 (in thousands):

	Three Months Ended
	March 31, 2024		March 31, 2023
Amortization Expense	$	4,533	$	4,391
Accretion to Income Properties Revenue		474		679
Net Amortization of Intangible Assets and Liabilities	$	5,007	$	5,070

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 Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2024	$	14,433	$	733	$	15,166
2025		17,407		992		18,399
2026		16,536		1,064		17,600
2027		13,873		327		14,200
2028		9,837		310		10,147
2029		3,836		873		4,709
2030 and Thereafter		5,909		556		6,465
Total	$	81,831	$	4,855	$	86,686