Lease Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021 (in thousands):

September 30, 2022
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	15,650	$	(11,466	)	$	4,184
Above-market leases, net		1,442		(1,115	)		327
Total	$	17,092	$	(12,581	)	$	4,511

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	$	2,837	$	(1,234	)	$	1,603
Total	$	2,837	$	(1,234	)	$	1,603

	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	$	4	$	51	$	443
2023		23		203		969
2024		21		203		528
2025		50		203		359
2026		96		203		187
2027		96		203		102
Thereafter		985		9,230		1,595