INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2022

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

	As of
	December 31, 2022		December 31, 2021
Intangible Lease Assets:
Value of In-Place Leases	$	90,335	$	59,293
Value of Above Market In-Place Leases		32,008		23,216
Value of Intangible Leasing Costs		25,531		18,456
Sub-total Intangible Lease Assets		147,874		100,965
Accumulated Amortization		(31,890)		(21,473)
Sub-total Intangible Lease Assets—Net		115,984		79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(12,307)		(6,942)
Sub-total Intangible Lease Liabilities		(12,307)		(6,942)
Accumulated Amortization		2,422		1,341
Sub-total Intangible Lease Liabilities—Net		(9,885)		(5,601)
Total Intangible Assets and Liabilities—Net	$	106,099	$	73,891

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	$	12,300	$	8,264	$	7,805
Accretion to Income Properties Revenue		2,161		(404)		(1,754)
Net Amortization of Intangible Assets and Liabilities	$	14,461	$	7,860	$	6,051

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
2023	$	14,977	$	2,757	$	17,734
2024		14,764		2,803		17,567
2025		12,944		2,878		15,822
2026		11,233		2,597		13,830
2027		10,978		1,408		12,386
2028 and Thereafter		25,509		3,251		28,760
Total	$	90,405	$	15,694	$	106,099