Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Intangible Assets and Liabilities

As of December 31, 2023 and 2022, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands):


	December 31, 2023						December 31, 2022
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
In-place leases	$	143,444	$	(93,476)	$	49,968	$	119,959	$	(83,222)	$	36,737
Above-market leases	3,885		(3,463)		422		3,586		(3,558)		28
Below-market leases	(137,047)		52,329		(84,718)		(95,638)		39,765		(55,873)
Total	$	10,282	$	(44,610)	$	(34,328)	$	27,907	$	(47,015)	$	(19,108)

Schedule of expected amortization of intangible assets and liabilities

Projected net amortization of the intangible assets and liabilities for the next five years and thereafter as of December 31, 2023 is as follows (dollars in thousands):


2024	$	250
2025	(1,739)
2026	(2,686)
2027	(3,061)
2028	(3,015)
Thereafter	(24,077)
Total	$	(34,328)

Schedule of Depreciation and Useful Lives of Real Estate and Intangible Assets

The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities.


Description						Standard Depreciable Life
Land						Not depreciated
Building						40 years
Building Improvements						5-40 years
Tenant Improvements						Shorter of lease term or useful life
Leasing Costs						Lease term
In-place Leases						Lease term
Above/Below-Market Leases						Lease term

Schedule of Cash and Cash Equivalents and Restricted Cash

The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands):


	For the Year Ended December 31,
	2023		2022		2021
Beginning
Cash and cash equivalents at beginning of year	$	26,393	$	204,404	$	107,180
Restricted cash	1,690		397		656
Cash and cash equivalents and restricted cash	28,083		204,801		107,836
Ending
Cash and cash equivalents at end of year	165,400		26,393		204,404
Restricted cash	836		1,690		397
Cash and cash equivalents and restricted cash	166,236		28,083		204,801
Net increase (decrease) in cash and cash equivalents and restricted cash	$	138,153	$	(176,718)	$	96,965

Schedule of Cash and Cash Equivalents and Restricted Cash

The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands):


	For the Year Ended December 31,
	2023		2022		2021
Beginning
Cash and cash equivalents at beginning of year	$	26,393	$	204,404	$	107,180
Restricted cash	1,690		397		656
Cash and cash equivalents and restricted cash	28,083		204,801		107,836
Ending
Cash and cash equivalents at end of year	165,400		26,393		204,404
Restricted cash	836		1,690		397
Cash and cash equivalents and restricted cash	166,236		28,083		204,801
Net increase (decrease) in cash and cash equivalents and restricted cash	$	138,153	$	(176,718)	$	96,965