INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2023 and December 31, 2022, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	March 31, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	54,131	$	(37,883)	$	16,248
Tenant relationship value	167		(106)		61
Above market leases acquired	295		(210)		85
Total intangible assets, net	$	54,593	$	(38,199)	$	16,394
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	20,957	$	(11,036)	$	9,921

	December 31, 2022
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	55,715	$	(37,437)	$	18,278
Tenant relationship value	167		(104)		63
Above market leases acquired	331		(221)		110
Total intangible assets, net	$	56,213	$	(37,762)	$	18,451
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	20,985	$	(10,663)	$	10,322

As of March 31, 2023, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2023 (nine months remaining)	$	4,863	$	1,126
2024	4,138		1,299
2025	3,002		1,023
2026	1,094		739
2027	809		623
Thereafter	2,488		5,111
Total	$	16,394	$	9,921