INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023 (in thousands):

	As of December 31,
	2024		2023
Lease Intangible Assets:
Above market leases	$	5,606	$	7,496
Tenant origination and absorption costs	40,544		43,071
Tenant relationship	15,914		16,983
Gross lease intangible assets	62,064		67,550
Accumulated amortization	(34,600)		(36,653)
Lease intangible assets, net	$	27,464	$	30,897
Lease Intangible Liabilities:
Below market leases	$	64,538	$	68,573
Accumulated amortization	(37,691)		(36,041)
Lease intangible liabilities, net	$	26,847	$	32,532

The following is a summary of real estate intangible amortization income (expense) for the years ended December 31, 2024, 2023 and 2022 (in thousands): 

	Year Ended December 31,
	2024		2023		2022
Increase to rental income related to above/below market leases, net	$	4,867	$	5,821	$	6,624
Depreciation and amortization related to tenant origination and absorption costs and tenant relationship	(7,501)		(11,616)		(17,591)

The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2024 will be amortized for the years ending December 31 as follows (dollars in thousands):

	Lease Intangible Assets		Lease Intangible Liabilities
2025	$	7,208	$	5,139
2026	4,294		4,884
2027	2,998		4,442
2028	2,546		4,296
2029	2,182		4,190
Thereafter	8,236		3,896
	$	27,464	$	26,847
Weighted-average remaining amortization period	7.9 years		5.7 years