INTANGIBLE ASSETS AND LIABILITIES |
INTANGIBLE ASSETS AND LIABILITIES At September 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands): | | | | | | | | | | | | | | | | | 2024 | | 2023 | In-place leases, net of accumulated amortization of $132,679 and $135,433 in 2024 and 2023, respectively | | $ | 65,646 | | | $ | 80,117 | | Below-market ground leases, net of accumulated amortization of $2,502 and $2,260 in 2024 and 2023, respectively | | 16,751 | | | 16,992 | | Above-market leases, net of accumulated amortization of $24,123 and $24,918 in 2024 and 2023, respectively | | 9,641 | | | 11,884 | | Goodwill | | 1,674 | | | 1,674 | | | | $ | 93,712 | | | $ | 110,667 | |
At September 30, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands): | | | | | | | | | | | | | | | | | 2024 | | 2023 | Below-market leases, net of accumulated amortization of $54,896 and $50,475 in 2024 and 2023, respectively | | $ | 35,984 | | | $ | 42,193 | | | | | | | | | | | |
The amortization of the above asset and liabilities are recorded as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2024 | | 2023 | | 2024 | | 2023 | Revenues: | | | | | | | | Rental property revenues, net (Below-market and Above-market leases) | $ | 1,476 | | | $ | 1,371 | | | $ | 4,495 | | | $ | 5,455 | | | | | | | | | | Expenses: | | | | | | | | Depreciation and amortization (In-place leases) | 4,107 | | | 4,849 | | | 14,471 | | | 17,319 | | Rental property operating and other expenses (Below-market ground leases) | 69 | | | 100 | | | 240 | | | 300 | |
Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | In-Place Leases | | Below-Market Ground Leases | | Above-Market Leases | | Below-Market Leases | | | 2024 (three months) | $ | 3,994 | | | $ | 71 | | | $ | 559 | | | $ | (2,009) | | | | 2025 | 14,628 | | | 282 | | | 2,070 | | | (7,743) | | | | 2026 | 12,252 | | | 282 | | | 1,687 | | | (6,524) | | | | 2027 | 9,667 | | | 282 | | | 1,266 | | | (4,989) | | | | 2028 | 6,851 | | | 282 | | | 1,158 | | | (3,852) | | | | Thereafter | 18,254 | | | 15,552 | | | 2,901 | | | (10,867) | | | | | $ | 65,646 | | | $ | 16,751 | | | $ | 9,641 | | | $ | (35,984) | | | |
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