INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2022

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 10. INTANGIBLE 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 September 30, 2022 and December 31, 2021 (in thousands):

	As of
	September 30, 2022		December 31, 2021
Intangible Lease Assets:
Value of In-Place Leases	$	69,642	$	59,293
Value of Above Market In-Place Leases		24,640		23,216
Value of Intangible Leasing Costs		20,550		18,456
Sub-total Intangible Lease Assets		114,832		100,965
Accumulated Amortization		(27,161)		(21,473)
Sub-total Intangible Lease Assets—Net		87,671		79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(8,057)		(6,942)
Sub-total Intangible Lease Liabilities		(8,057)		(6,942)
Accumulated Amortization		2,062		1,341
Sub-total Intangible Lease Liabilities—Net		(5,995)		(5,601)
Total Intangible Assets and Liabilities—Net	$	81,676	$	73,891

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

	Three Months Ended				Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Amortization Expense	$	3,076	$	2,275	$	8,605	$	6,037
Accretion to Income Properties Revenue		507		(86)		1,485		(820)
Net Amortization of Intangible Assets and Liabilities	$	3,583	$	2,189	$	10,090	$	5,217

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	$	3,063	$	513	$	3,576
2023		12,218		2,080		14,298
2024		12,005		2,126		14,131
2025		10,161		2,204		12,365
2026		8,498		1,920		10,418
2027		8,223		1,597		9,820
2028 and Thereafter		14,257		2,811		17,068
Total	$	68,425	$	13,251	$	81,676

As of September 30, 2022, the weighted average amortization period of total intangible assets and liabilities was 6.5 years and 9.8 years, respectively.