INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2022 and December 31, 2021, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	March 31, 2022
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	63,601	$	(38,245)	$	25,356
Tenant relationship value	167		(98)		69
Above market leases acquired	486		(331)		155
Total intangible assets, net	$	64,254	$	(38,674)	$	25,580
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	24,485	$	(12,400)	$	12,085

	December 31, 2021
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	72,376	$	(44,066)	$	28,310
Tenant relationship value	167		(97)		70
Above market leases acquired	486		(310)		176
Total intangible assets, net	$	73,029	$	(44,473)	$	28,556
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	27,025	$	(14,044)	$	12,981

As of March 31, 2022, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2022 (nine months remaining)	$	6,665	$	1,691
2023	6,724		1,540
2024	4,433		1,321
2025	3,255		1,044
2026	1,195		754
Thereafter	3,308		5,735
Total	$	25,580	$	12,085