Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following as of September 30, 2024:

	September 30, 2024
								Weighted average
	Gross carrying		Accumulated			Net carrying		amortization
	amount		amortization			amount		period (years)
In-place leases	$	98,730,000	$	(40,676,000	)	$	58,054,000		7.0
Above-market leases		3,489,000		(1,490,000	)		1,999,000		5.7
Total intangible lease assets, net	$	102,219,000	$	(42,166,000	)	$	60,053,000
Below-market leases	$	32,741,000	$	(9,882,000	)	$	22,859,000		10.7

Schedule of Amortization of Intangible Assets and Liability

Amortization of intangible assets and liabilities for the three and nine months ended September 30, 2024 and 2023 were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2024		2023		2024		2023
Net adjustment to rental revenue	$	625,000	$	604,000	$	1,950,000	$	1,782,000
Amortization of in-place leases	$	2,996,000	$	3,349,000	$	9,212,000	$	10,177,000

Schedule of Finite-Lived Intangible future amortization of lease assets to amortization expense of above-market and below-market lease intangibles to rental revenue

The estimated future amortization of lease assets to amortization expense and the amortization of above-market and below-market lease intangibles to rental revenue as of September 30, 2024 are as follows:

	Amortization		Rental revenue
	In-place		Above-market			Below-market
	lease assets		leases			leases		Total
Remainder of 2024	$	2,934,000	$	(112,000	)	$	726,000	$	614,000
2025		11,467,000		(439,000	)		2,916,000		2,477,000
2026		10,338,000		(400,000	)		2,854,000		2,454,000
2027		8,519,000		(302,000	)		2,417,000		2,115,000
2028		6,372,000		(255,000	)		2,182,000		1,927,000
Thereafter		18,424,000		(491,000	)		11,764,000		11,273,000
Total	$	58,054,000	$	(1,999,000	)	$	22,859,000	$	20,860,000