Note 4 - Intangibles

12 Months Ended

Dec. 31, 2021

Schedule Of Intangible Assets And Liabilities [Abstract]

Note 4 – Intangibles

The following is a summary of the carrying amount of the Company’s intangible assets and liabilities as of December 31, 2021 and 2020.


(in thousands)	December 31, 2021			December 31, 2020
Assets:
Above-market leases	$	4,792		$	2,661
Above-market leases accumulated amortization		(1,210	)		(504	)
In-place leases		30,643			17,958
In-place leases accumulated amortization		(10,368	)		(4,841	)
Total net real estate intangible assets	$	23,857		$	15,274

Liabilities
Below-market leases		4,792			3,290
Below-market leases accumulated amortization		(2,063	)		(909	)
Total net real estate intangible liabilities	$	2,729		$	2,381

For the years ended December 31, 2021 and 2020, the Company recognized net amortization related to intangibles of approximately $5.1 million and $4.4 million, respectively, in its consolidated statement of operations.

The following table represents expected amortization of existing real estate intangible assets and liabilities as of December 31, 2021.


(in thousands)	Amortization of in-place leases		Amortization of above-market leases		Amortization of below-market leases			Total amortization, net
2022	$	7,156	$	959	$	(1,333	)	$	6,782
2023		4,801		846		(654	)		4,993
2024		3,140		619		(410	)		3,349
2025		2,036		456		(170	)		2,322
2026		1,343		275		(85	)		1,533
Thereafter		1,800		427		(77	)		2,150
Total	$	20,276	$	3,582	$	(2,729	)	$	21,129

The Company amortizes the value of in-place leases to amortization expense, the value of above-market leases as a reduction of rental income and the value of below-market leases as an increase to rental income over the initial term of the respective leases.

As of December 31, 2021, the weighted average remaining amortization period of in-place lease intangibles, above-market lease intangible assets and below-market lease intangibles is approximately 3.7 years, 4.7 years and 2.5 years, respectively.