Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 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)
June 30, 2024:
In-place lease intangibles	$	48,726	$	(35,247)	$	13,479
Above-market leases	731		(423)		308
Below-market leases	(25,619)		11,355		(14,264)

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 $2.0 million and $3.8 million for the three and six months ended June 30, 2024, respectively, and $1.8 million and $3.5 million for the three and six months ended June 30, 2023, 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 $0.04 million and $0.09 million for the three and six months ended June 30, 2024, respectively, and $0.04 million and $0.08 million for the three and six months ended June 30, 2023, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income. Amortization of acquired below-market leases was $0.8 million and $1.5 million for the three and six months ended June 30, 2024, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2023, respectively, and is included in “Rental income” in the Consolidated Statements of Operations and Comprehensive Income.

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	$	3,643	$	69	$	(1,472)
2025	4,896		108		(2,396)
2026	2,816		79		(1,884)
2027	1,243		34		(1,484)
2028	486		8		(1,206)
Thereafter	395		10		(5,822)
Total	$	13,479	$	308	$	(14,264)