Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The following table summarizes the Company’s intangible assets and liabilities:


As of	Gross Asset (Liability)		Accumulated Amortization		Net Carrying Amount
			(in thousands)
September 30, 2022:
In-place lease intangibles	$	38,810	$	(22,636)	$	16,174
Above-market leases	357		(129)		228
Below-market leases	(18,536)		6,651		(11,885)

December 31, 2021:
In-place lease intangibles	$	31,814	$	(17,415)	$	14,399
Above-market leases	319		(70)		249
Below-market leases	(13,654)		4,984		(8,670)

Amortization of in-place lease intangibles was $1.8 million and $5.2 million for the three and nine months ended September 30, 2022, respectively, and $1.7 million and $4.6 million for the three and nine months ended September 30, 2021, respectively. This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive Income.

Amortization of acquired above market leases was $0.02 million and $0.06 million for the three and nine months ended September 30, 2022, respectively, and $0.01 million and $0.02 million for the three and nine months ended September 30, 2021, respectively, and is included as a reduction to “Rental income” in the Consolidated Statements of Operations and Comprehensive Income. Amortization of acquired below market leases was $0.6 million and $1.7 million for the three and nine months ended September 30, 2022, respectively, and $0.4 million and $1.2 million for the three and nine months ended September 30, 2021, respectively, and is included as an increase to “Rental income” in the Consolidated Statements of Operations and Comprehensive Income.

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


Year Ending December 31,	In-place lease intangibles		Above-market leases		Below-market leases
2022-Remaining	$	1,724	$	20	$	(590)
2023	5,830		79		(2,254)
2024	4,208		60		(1,885)
2025	2,491		44		(1,319)
2026	1,298		22		(1,056)
Thereafter	623		3		(4,781)
Total	$	16,174	$	228	$	(11,885)