The Company’s intangible assets, net consist of the following:


	December 31,
	2022			2021
Anchor tenant relationships (a)	$	1,761		$	1,761
In-place leases		3,579			4,215
Policy renewal rights - United		10,100			7,634
Non-compete agreements - United (b)		314			195
Total, at cost		15,754			13,805
Less: accumulated amortization		(5,176	)		(3,169	)
Intangible assets, net	$	10,578		$	10,636

(a)

An anchor tenant is a tenant that attracted more customers than other tenants.

(b)

$119 was fully amortized in June 2022 and $195 was fully amortized in June 2021.

In connection with the Northeast Region assumed business as described in Note 1 -- “Nature of Operations,” the Company recorded renewal rights and non-compete intangible assets aggregating $7,829 during 2021 in exchange for 100,000 shares of HCI’s common stock and a contingent liability of $2,419.

In connection with the Southeast Region assumed business as described in Note 1 -- “Nature of Operations,” the Company recorded intangible assets of $4,869 during 2022 representing the renewal rights and non-compete agreement in exchange for consideration consisting of a 6% commission on any replacement premium which includes $3,800 of commission prepaid up-front and a contingent liability of $1,069.

During the fourth quarter of 2022, all available information pertaining to the Northeast and Southeast Regions’ policies in-force was reviewed. Furthermore, management engaged an independent valuation specialist to assess for possible impairment of the renewal rights intangible assets. Based on the review and the assessment, the Company recognized an impairment loss of $2,284 related to the renewal rights intangible assets and, simultaneously, recorded a decrease in contingent liabilities resulting in a remeasurement gain of $3,117. At December 31, 2022 and 2021, contingent liabilities related to renewal rights intangible assets were $371 and $2,419, respectively, with the contingent liabilities included in other liabilities on the consolidated balance sheets.

The renewal rights and non-compete intangible assets acquired do not meet the definition of a business as substantially all of the fair value of the intangible assets acquired are concentrated in a group of similar assets. Therefore, the Company accounted for the purchases of the renewal rights and non-compete intangible assets as asset acquisitions.

For the years ended December 31, 2022, 2021 and 2020, amortization expense associated with intangible assets was $2,643, $761 and $624, respectively. Amortization expense for intangible assets after December 31, 2022 is as follows:


Year	Amount
2023	$	2,763
2024		2,759
2025		2,728
2026		1,024
2027		212
Thereafter		1,092
Total	$	10,578