LEASE INTANGIBLES

9 Months Ended

Sep. 30, 2022

LEASE INTANGIBLES

LEASE INTANGIBLES

NOTE 6 - 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 September 30, 2022	Intangibles		Amortization		Intangibles, net
Lease Intangible Assets	(in thousands)
In-place leases	$	15,305	$	(10,758)	$	4,547
Above-market leases		2,466		(1,457)		1,009
	$	17,771	$	(12,215)	$	5,556
Lease Intangible Liabilities
Below-market leases	$	(2,380)	$	1,696	$	(684)

	Lease		Accumulated		Lease
As of December 31, 2021	Intangibles		Amortization		Intangibles, net
Lease Intangible Assets	(in thousands)
In-place leases	$	15,455	$	(10,381)	$	5,074
Above-market leases		2,617		(1,445)		1,172
	$	18,072	$	(11,826)	$	6,246
Lease Intangible Liabilities
Below-market leases	$	(2,525)	$	1,714	$	(811)

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)
2022 (October 1, 2022 - December 31, 2022)	$	388	$	38
2023		857		151
2024		827		151
2025		827		151
2026		676		80
Thereafter		1,981		113
	$	5,556	$	684