INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2024 and December 31, 2023, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	March 31, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	18,716	$	(11,687)	$	7,029
Tenant relationship value	110		(53)		57
Above market leases acquired	75		(49)		26
Total intangible assets, net	$	18,901	$	(11,789)	$	7,112
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,179	$	(9,157)	$	8,022

	December 31, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	24,281	$	(16,673)	$	7,608
Tenant relationship value	110		(52)		58
Above market leases acquired	75		(47)		28
Total intangible assets, net	$	24,466	$	(16,772)	$	7,694
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,588	$	(9,318)	$	8,270

As of March 31, 2024, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2024 (nine months remaining)	$	1,236	$	681
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,576
Total	$	7,112	$	8,022