Lease Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Summary of Lease Intangible Assets

The following tables summarize the Company’s lease intangible assets (acquired in-place leases and above-market leases) and liabilities (acquired below-market leases, which is included in accounts payable, accrued expenses and other liabilities on the consolidated balance sheets), net of accumulated amortization, as of March 31, 2022 and December 31, 2021 (in thousands):

March 31, 2022
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	27,807	$	(15,873	)	$	11,934
Above-market leases, net		3,398		(2,181	)		1,217
Total	$	31,205	$	(18,054	)	$	13,151

December 31, 2021
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	30,071	$	(16,670	)	$	13,401
Above-market leases, net		3,925		(2,509	)		1,416
Total	$	33,996	$	(19,179	)	$	14,817

Summary of Lease Intangible Liabilities

	Gross		Accumulated
Lease Intangible Liabilities	Liability		Amortization			Balance
Below-market leases, net	$	5,457	$	(2,089	)	$	3,368
Total	$	5,457	$	(2,089	)	$	3,368

	Gross		Accumulated
Lease Intangible Liabilities	Liability		Amortization			Balance
Below-market leases, net	$	5,802	$	(2,146	)	$	3,656
Total	$	5,802	$	(2,146	)	$	3,656

Schedule of Future Amortization of Acquired Leases

Future amortization of these leases intangibles is set forth below (in thousands):

	(Above) / below market leases, net			Below market ground lease		In-place leases
Remainder of 2022	$	(9	)	$	152	$	1,917
2023		(2	)		203		1,726
2024		19			203		1,190
2025		83			203		936
2026		164			203		689
2027		140			203		671
Thereafter		1,756			9,230		4,805