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Note 4 - Intangibles
 6 Months Ended
Jun. 30, 2022
Schedule Of Intangible Assets And Liabilities [Abstract]  
Intangibles

Note 4 – Intangibles

The following is a summary of the carrying amount of the Company’s intangible assets and liabilities as of June 30, 2022 and December 31, 2021.

(in thousands)

 

June 30, 2022

 

 

December 31, 2021

 

Assets:

 

 

 

 

 

 

Above-market leases

 

$

4,773

 

 

$

4,792

 

Above-market leases accumulated amortization

 

 

(1,693

)

 

 

(1,210

)

In-place leases

 

 

30,516

 

 

 

30,643

 

In-place leases accumulated amortization

 

 

(14,202

)

 

 

(10,368

)

Total net real estate intangible assets

 

$

19,394

 

 

$

23,857

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Below-market leases

 

 

4,779

 

 

 

4,792

 

Below-market leases accumulated amortization

 

 

(2,799

)

 

 

(2,063

)

Total net real estate intangible liabilities

 

$

1,980

 

 

$

2,729

 

For the three months ended June 30, 2022 and 2021, the Company recognized amortization related to in-place leases of approximately $1.9 million and $1.1 million, respectively, and net amortization related to above-market leases and below-market leases for each of the three months ended June 30, 2022 and 2021 of approximately $(0.1) million in its consolidated statements of operations.

For the six months ended June 30, 2022 and 2021, the Company recognized amortization related to in-place leases of approximately $3.8 million and $2.1 million, respectively, and net amortization related to above-market leases and below-market leases

for each of the six months ended June 30, 2022 and 2021 of approximately $(0.3) million and $(0.2) million, respectively, in its consolidated statements of operations.

The following table represents expected amortization of existing real estate intangible assets and liabilities as of June 30, 2022:

(in thousands)

Amortization of
in-place leases

 

 

Amortization of
above-market leases

 

 

Amortization of
below-market leases

 

 

Total amortization, net

 

Remainder of 2022

$

3,271

 

 

$

470

 

 

$

(591

)

 

$

3,150

 

2023

 

4,772

 

 

 

841

 

 

 

(652

)

 

 

4,961

 

2024

 

3,118

 

 

 

615

 

 

 

(408

)

 

 

3,325

 

2025

 

2,020

 

 

 

453

 

 

 

(169

)

 

 

2,304

 

2026

 

1,334

 

 

 

274

 

 

 

(84

)

 

 

1,524

 

2027

 

855

 

 

 

193

 

 

 

(36

)

 

 

1,012

 

Thereafter

 

944

 

 

 

234

 

 

 

(40

)

 

 

1,138

 

Total

$

16,314

 

 

$

3,080

 

 

$

(1,980

)

 

$

17,414

 

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 June 30, 2022, the weighted average amortization period of in-place lease intangibles, above-market lease intangible assets and below-market lease intangibles is approximately 3.2 years, 4.2 years and 2.0 years, respectively.