Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

7. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2021 and December 31, 2020, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	March 31, 2021
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	87,946	$	(44,427)	$	43,519
Tenant relationship value	1,737		(1,615)		122
Above market leases acquired	486		(244)		242
Total intangible assets, net	$	90,169	$	(46,286)	$	43,883
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	30,736	$	(13,663)	$	17,073

	December 31, 2020
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	91,552	$	(43,400)	$	48,152
Tenant relationship value	2,091		(1,938)		153
Above market leases acquired	530		(265)		265
Total intangible assets, net	$	94,173	$	(45,603)	$	48,570
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	31,263	$	(12,815)	$	18,448

As of March 31, 2021, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2021 (nine months remaining)	$	11,931	$	3,576
2022	10,050		2,682
2023	7,440		1,642
2024	5,215		1,425
2025	4,027		1,148
Thereafter	5,220		6,600
Total	$	43,883	$	17,073