INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of June 30, 2023 and December 31, 2022, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	June 30, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	44,325	$	(32,746)	$	11,579
Tenant relationship value	110		(50)		60
Above market leases acquired	178		(141)		37
Total intangible assets, net	$	44,613	$	(32,937)	$	11,676
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	18,230	$	(9,419)	$	8,811

	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 June 30, 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 (six months remaining)	$	4,496	$	730
2024	2,786		1,299
2025	1,905		1,023
2026	1,093		739
2027	808		623
Thereafter	588		4,397
Total	$	11,676	$	8,811