LEASE INTANGIBLES

6 Months Ended

Jun. 30, 2020

LEASE INTANGIBLES

LEASE INTANGIBLES

NOTE 4 - Lease intangibles

The following table summarizes the net value of other intangible assets and liabilities and the accumulated amortization for each class of intangible:

	Lease		Accumulated		Lease
As of June 30, 2020	Intangibles		Amortization		Intangibles, net
Lease Intangible Assets	(in thousands)
In-place leases	$	20,734	$	(14,114)	$	6,620
Above-market leases		2,806		(1,394)		1,412
	$	23,540	$	(15,508)	$	8,032
Lease Intangible Liabilities
Below-market leases	$	(3,032)	$	1,935	$	(1,097)

	Lease		Accumulated		Lease
As of December 31, 2019	Intangibles		Amortization		Intangibles, net
Lease Intangible Assets	(in thousands)
In-place leases	$	21,480	$	(14,051)	$	7,429
Above-market leases		3,211		(1,507)		1,704
	$	24,691	$	(15,558)	$	9,133
Lease Intangible Liabilities
Below-market leases	$	(3,088)	$	1,881	$	(1,207)

The estimated aggregate amortization expense for each of the five succeeding fiscal years and thereafter is as follows:

	Intangible		Intangible
Years ending December 31,	Assets		Liabilities
	(in thousands)
2020 (July 1, 2020 - December 31, 2020)	$	665	$	103
2021		1,121		184
2022		987		164
2023		849		151
2024		849		151
Thereafter		3,561		344
	$	8,032	$	1,097

The weighted average amortization period for the intangible assets, in-place leases, above-market leases, and below-market leases acquired as of June 30, 2020 was 6.6 years.