INTANGIBLE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and Liabilities

As of June 30, 2022 and December 31, 2021, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	June 30, 2022
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	59,582	$	(36,770)	$	22,812
Tenant relationship value	167		(100)		67
Above market leases acquired	331		(195)		136
Total intangible assets, net	$	60,080	$	(37,065)	$	23,015
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	22,268	$	(10,991)	$	11,277

	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

Summary of Amortization for Intangible Assets and Liabilities

As of June 30, 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 (six months remaining)	$	4,100	$	883
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	$	23,015	$	11,277