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INTANGIBLE ASSETS AND LIABILITIES
9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES INTANGIBLE ASSETS AND LIABILITIES
At September 30, 2024 and December 31, 2023, intangible assets included the following ($ in thousands):
20242023
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 
      Goodwill1,674 1,674 
$93,712 $110,667 

At September 30, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands):
20242023
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,
2024202320242023
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 LeasesAbove-Market LeasesBelow-Market
Leases
2024 (three months)$3,994 $71 $559 $(2,009)
202514,628 282 2,070 (7,743)
202612,252 282 1,687 (6,524)
20279,667 282 1,266 (4,989)
20286,851 282 1,158 (3,852)
Thereafter18,254 15,552 2,901 (10,867)
$65,646 $16,751 $9,641 $(35,984)