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


	December 31,
	2023			2022
Anchor tenant relationships (a)	$	—		$	1,761
In-place leases (b)		2,221			3,579
Policy renewal rights - United		10,100			10,100
Non-compete agreements - United (c)		314			314
Total, at cost		12,635			15,754
Less: accumulated amortization		(4,976	)		(5,176	)
Intangible assets, net	$	7,659		$	10,578

(a)

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

(b)

Amortization related to the Haines City property is expected to start in June 2024.

(c)

Fully amortized prior to January 1, 2023.

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, 2023 and 2022, contingent liabilities related to renewal rights intangible assets were $371 and are 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.

In connection with the sales of the retail shopping center investment properties in Melbourne, Florida and Sorrento, Florida as described in e) Real Estate Investments under Note 5 -- “Investments,” the Company derecognized $2,200 of intangible assets, net on March 31, 2023.

In connection with the purchase of the investment property in Haines City, Florida as described in e) Real Estate Investments under Note 5 -- “Investments,” the Company recognized $1,811 of in-place lease intangible assets on September 19, 2023.

For the years ended December 31, 2023, 2022 and 2021, amortization expense associated with intangible assets was $2,530, $2,643 and $761, respectively. Amortization expense for intangible assets after December 31, 2023 is as follows:


Year	Amount
2024	$	2,478
2025		2,521
2026		853
2027		125
2028		125
Thereafter		1,557
Total	$	7,659