Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2024

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)
March 31, 2024:
In-place lease intangibles	$	46,993	$	(33,292)	$	13,701
Above-market leases	720		(378)		342
Below-market leases	(24,382)		10,571		(13,811)

December 31, 2023:
In-place lease intangibles	$	45,621	$	(31,467)	$	14,154
Above-market leases	686		(331)		355
Below-market leases	(22,940)		9,840		(13,100)

Amortization of in-place lease intangibles was $1.8 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively. This amortization is included in “Depreciation and amortization” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Amortization of acquired above-market leases was $0.05 million and $0.04 million for the three months ended March 31, 2024 and 2023, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income (Loss). Amortization of acquired below-market leases was $0.7 million and $0.6 million for the three months ended March 31, 2024 and 2023, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income (Loss).

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


Year Ending December 31,	In-place lease intangibles		Above-market leases		Below-market leases
2024-Remaining	$	4,917	$	107	$	(2,057)
2025	4,374		103		(2,140)
2026	2,597		79		(1,741)
2027	1,120		34		(1,374)
2028	405		8		(1,114)
Thereafter	288		11		(5,385)
Total	$	13,701	$	342	$	(13,811)