Intangibles

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

7. Intangibles

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities, not fully amortized, consisted of the following ($ in thousands):

	June 30, 2024			December 31, 2023
Intangible assets:
In-place lease intangibles	$	17,928		$	8,007
Above-market lease intangibles		2,174			2,037
Total intangible assets		20,102			10,044
Accumulated amortization:
In-place lease amortization		(1,201	)		(543	)
Above-market lease amortization		(282	)		(132	)
Total accumulated amortization		(1,483	)		(675	)
Intangible assets, net	$	18,619		$	9,369
Intangible liabilities:
Below-market lease intangibles	$	(3,159	)	$	(1,830	)
Accumulated amortization:
Below-market lease amortization		216			146
Intangible liabilities, net	$	(2,943	)	$	(1,684	)

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of June 30, 2024 is as follows ($ in thousands):

	In-place Lease Intangibles		Above-market Lease Intangibles		Below-market Lease Intangibles
2024 (remaining)	$	1,234	$	172	$	(137	)
2025		2,412		330		(274	)
2026		2,371		320		(274	)
2027		2,328		320		(274	)
2028		2,299		289		(273	)
Thereafter		6,083		461		(1,711	)
Total	$	16,727	$	1,892	$	(2,943	)

The in-place lease intangible amortization is recorded in depreciation and amortization while the above-market intangible amortization and below-market intangible amortization are recorded in rental revenue on the Company's Consolidated Statements of Operations.

The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles and below-market lease intangibles for the properties acquired during the six months ended June 30, 2024 were 8.0 years, 3.1 years and 10.2 years, respectively.