INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

The following table summarizes the Company’s intangible assets and liabilities as of December 31, 2023 and 2022 (in thousands):

	As of December 31,
	2023		2022
Lease Intangible Assets:
Above market leases	$	7,496	$	7,496
Tenant origination and absorption costs	43,071		58,578
Tenant relationship	16,983		20,119
Gross lease intangible assets	67,550		86,193
Accumulated amortization	(36,653)		(46,062)
Lease intangible assets, net	$	30,897	$	40,131
Lease Intangible Liabilities:
Below market leases	$	68,573	$	80,208
Accumulated amortization	(36,041)		(37,964)
Lease intangible liabilities, net	$	32,532	$	42,244

Schedule of Real Estate Intangible Amortization Income (Expense)

The following is a summary of real estate intangible amortization income (expense) for the years ended December 31, 2023, 2022 and 2021 (in thousands): 

	Year Ended December 31,
	2023		2022		2021
Increase (decrease) to rental income related to above/below market leases, net (1)	$	5,821	$	6,624	$	(13,512)
Depreciation and amortization related to tenant origination and absorption costs and tenant relationship	(11,616)		(17,591)		(8,694)

(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.

Schedule of Remaining Unamortized Balance for Outstanding Intangible Assets

The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 will be amortized for the years ending December 31 as follows (dollars in thousands):

	Lease Intangible Assets		Lease Intangible Liabilities
2024	$	5,523	$	5,690
2025	4,612		5,139
2026	4,411		4,884
2027	3,115		4,442
2028	2,662		4,296
Thereafter	10,574		8,081
	$	30,897	$	32,532
Weighted-average remaining amortization period	8.8 years		6.5 years

Schedule of Remaining Unamortized Balance for Outstanding Intangible Liabilities

The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2023 will be amortized for the years ending December 31 as follows (dollars in thousands):

	Lease Intangible Assets		Lease Intangible Liabilities
2024	$	5,523	$	5,690
2025	4,612		5,139
2026	4,411		4,884
2027	3,115		4,442
2028	2,662		4,296
Thereafter	10,574		8,081
	$	30,897	$	32,532
Weighted-average remaining amortization period	8.8 years		6.5 years