INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

The following table summarizes the Company’s intangible assets and liabilities as of December 31, 2022 and 2021 (in thousands):

	As of December 31,
	2022		2021
Lease Intangible Assets:
Above market leases	$	7,496	$	7,496
Tenant origination and absorption costs	58,578		61,414
Tenant relationship	20,119		22,823
Gross lease intangible assets	86,193		91,733
Accumulated amortization	(46,062)		(37,670)
Lease intangible assets, net	$	40,131	$	54,063
Lease Intangible Liabilities:
Below market leases	$	80,208	$	81,211
Accumulated amortization	(37,964)		(31,498)
Lease intangible liabilities, net	$	42,244	$	49,713

The following is a summary of real estate intangible amortization income (expense) for the years ended December 31, 2022, 2021 and 2020 (in thousands): 

	Year Ended December 31,
	2022		2021		2020
Increase (decrease) to rental income related to above/below market leases, net (1)	$	6,624	$	(13,512)	$	849
Depreciation and amortization related to tenant origination and absorption costs and tenant relationship	(17,591)		(8,694)		(10,620)

(1)    Balance for the year ended December 31, 2021 includes $18.6 million of accelerated amortization related to the above market lease intangible associated with the Company’s lease with Avamere. See Note 4, “Investment in Real Estate Properties,” for further discussion.

The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2022 will be amortized for the years ending December 31 as follows (dollars in thousands):

	Lease Intangible Assets		Lease Intangible Liabilities
2023	$	9,040	$	7,118
2024	5,507		7,118
2025	4,789		6,228
2026	4,504		4,956
2027	3,180		4,443
Thereafter	13,111		12,381
	$	40,131	$	42,244
Weighted-average remaining amortization period	8.7 years		7.0 years