INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

Intangible assets and liabilities consist of the value of above market and below market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of December 31, 2022 and 2021 (in thousands):

	As of
	December 31, 2022		December 31, 2021
Intangible Lease Assets:
Value of In-Place Leases	$	49,974	$	45,301
Value of Above Market In-Place Leases		3,897		3,623
Value of Intangible Leasing Costs		20,579		19,066
Sub-total Intangible Lease Assets		74,450		67,990
Accumulated Amortization		(14,018)		(9,169)
Sub-total Intangible Lease Assets—Net		60,432		58,821
Intangible Lease Liabilities:
Value of Below Market In-Place Leases		(6,130)		(6,397)
Sub-total Intangible Lease Liabilities		(6,130)		(6,397)
Accumulated Amortization		1,080		921
Sub-total Intangible Lease Liabilities—Net		(5,050)		(5,476)
Total Intangible Assets and Liabilities—Net	$	55,382	$	53,345

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2022, 2021, and 2020 (in thousands):

	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Amortization Expense	$	8,801	$	5,977	$	3,758
Accretion to Properties Revenue		(328)		(257)		(108)
Net Amortization of Intangible Assets and Liabilities	$	8,473	$	5,720	$	3,650

Schedule of estimated future amortization expense (income) related to net intangible assets and liabilities

The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):

Year Ending December 31,	Future Amortization Expense		Future Accretion to Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
2023	$	8,909	$	(354)	$	8,555
2024		8,542		(333)		8,209
2025		7,880		(297)		7,583
2026		7,321		(285)		7,036
2027		5,938		(226)		5,712
2028 and Thereafter		18,661		(374)		18,287
Total	$	57,251	$	(1,869)	$	55,382