INTANGIBLE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2022

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

Intangible assets and liabilities consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands):

	As of
	June 30, 2022		December 31, 2021
Intangible Lease Assets:
Value of In-Place Leases	$	63,207	$	59,293
Value of Above Market In-Place Leases		24,002		23,216
Value of Intangible Leasing Costs		19,627		18,456
Sub-total Intangible Lease Assets		106,836		100,965
Accumulated Amortization		(28,508)		(21,473)
Sub-total Intangible Lease Assets—Net		78,328		79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(7,146)		(6,942)
Sub-total Intangible Lease Liabilities		(7,146)		(6,942)
Accumulated Amortization		1,869		1,341
Sub-total Intangible Lease Liabilities—Net		(5,277)		(5,601)
Total Intangible Assets and Liabilities—Net	$	73,051	$	73,891

Schedule of amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2022 and 2021 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Amortization Expense	$	2,834	$	1,935	$	5,529	$	3,762
Accretion to Income Properties Revenue		497		(338)		978		(734)
Net Amortization of Intangible Assets and Liabilities	$	3,331	$	1,597	$	6,507	$	3,028

Schedule of estimated future amortization and accretion of intangible lease 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 Amount		Future Accretion to Income Property Revenue		Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2022	$	5,623	$	999	$	6,622
2023		11,182		2,032		13,214
2024		10,968		2,078		13,046
2025		9,124		2,153		11,277
2026		7,462		1,872		9,334
2027		7,178		1,549		8,727
2028 and Thereafter		8,541		2,290		10,831
Total	$	60,078	$	12,973	$	73,051