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Note 4 - Intangibles
 12 Months Ended
Dec. 31, 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 December 31, 2022 and 2021.

(in thousands)

 

December 31, 2022

 

 

December 31, 2021

 

Assets:

 

 

 

 

 

 

Above-market leases

 

$

5,150

 

 

$

4,792

 

Above-market leases accumulated amortization

 

 

(2,199

)

 

 

(1,210

)

In-place leases

 

 

36,078

 

 

 

30,643

 

In-place leases accumulated amortization

 

 

(18,251

)

 

 

(10,368

)

Total net real estate intangible assets

 

$

20,778

 

 

$

23,857

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Below-market leases

 

 

4,992

 

 

 

4,792

 

Below-market leases accumulated amortization

 

 

(3,439

)

 

 

(2,063

)

Total net real estate intangible liabilities

 

$

1,553

 

 

$

2,729

 

For the years ended December 31, 2022 and 2021, the Company recognized amortization related to in-place leases of approximately $7.9 million and $5.5 million, respectively, and net amortization related to above-market leases and below-market leases for each of the years ended December 31, 2022 and 2021 of approximately $(0.4) million in its consolidated statements of operations.

The following table represents expected amortization of existing real estate intangible assets and liabilities as of December 31, 2022.

(in thousands)

Amortization of
in-place leases

 

 

Amortization of
above-market leases

 

 

Amortization of
below-market leases

 

 

Total amortization, net

 

2023

$

6,980

 

 

$

923

 

 

$

(708

)

 

$

7,195

 

2024

 

3,636

 

 

 

703

 

 

 

(457

)

 

 

3,882

 

2025

 

2,507

 

 

 

541

 

 

 

(200

)

 

 

2,848

 

2026

 

1,751

 

 

 

313

 

 

 

(115

)

 

 

1,949

 

2027

 

1,175

 

 

 

215

 

 

 

(58

)

 

 

1,332

 

Thereafter

 

1,778

 

 

 

256

 

 

 

(15

)

 

 

2,019

 

Total

$

17,827

 

 

$

2,951

 

 

$

(1,553

)

 

$

19,225

 

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, 2022, the weighted average remaining amortization period of in-place lease intangibles, above-market lease intangible assets and below-market lease intangibles is approximately 3.1 years, 3.8 years and 1.7 years, respectively.