Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

7. INTANGIBLE ASSETS AND LIABILITIES

As of September 30, 2021 and December 31, 2020, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	September 30, 2021
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	80,630	$	(46,386)	$	34,244
Tenant relationship value	167		(95)		72
Above market leases acquired	486		(288)		198
Total intangible assets, net	$	81,283	$	(46,769)	$	34,514
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	28,881	$	(14,430)	$	14,451

	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 September 30, 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 (three months remaining)	$	3,711	$	1,129
2022	9,807		2,645
2023	7,218		1,609
2024	4,993		1,392
2025	3,805		1,115
Thereafter	4,980		6,561
Total	$	34,514	$	14,451