INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2023

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

NOTE 9. 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 June 30, 2023 and December 31, 2022 (in thousands):

	As of
	June 30, 2023		December 31, 2022
Intangible Lease Assets:
Value of In-Place Leases	$	96,508	$	90,335
Value of Above Market In-Place Leases		31,787		32,008
Value of Intangible Leasing Costs		27,770		25,531
Sub-total Intangible Lease Assets		156,065		147,874
Accumulated Amortization		(42,982)		(31,890)
Sub-total Intangible Lease Assets—Net		113,083		115,984
Intangible Lease Liabilities (Included in Accrued and Other Liabilities):
Value of Below Market In-Place Leases		(15,521)		(12,307)
Sub-total Intangible Lease Liabilities		(15,521)		(12,307)
Accumulated Amortization		3,561		2,422
Sub-total Intangible Lease Liabilities—Net		(11,960)		(9,885)
Total Intangible Assets and Liabilities—Net	$	101,123	$	106,099

The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended				Six Months Ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Amortization Expense	$	4,496	$	2,834	$	8,887	$	5,529
Accretion to Income Properties Revenue		627		497		1,306		978
Net Amortization of Intangible Assets and Liabilities	$	5,123	$	3,331	$	10,193	$	6,507

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 2023	$	9,614	$	980	$	10,594
2024		19,227		2,045		21,272
2025		16,909		1,997		18,906
2026		15,166		2,065		17,231
2027		12,191		1,224		13,415
2028		7,470		1,221		8,691
2029 and Thereafter		9,464		1,550		11,014
Total	$	90,041	$	11,082	$	101,123

As of June 30, 2023, the weighted average amortization period of total intangible assets and liabilities was 6.1 years and 7.0 years, respectively.