Note 4 - Intangibles

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022.

(in thousands)	March 31, 2023			December 31, 2022
Assets:
Above-market leases	$	5,150		$	5,150
Above-market leases accumulated amortization		(2,440	)		(2,199	)
In-place leases		36,078			36,078
In-place leases accumulated amortization		(20,555	)		(18,251	)
Total net real estate intangible assets	$	18,233		$	20,778
Liabilities
Below-market leases		4,992			4,992
Below-market leases accumulated amortization		(3,632	)		(3,439	)
Total net real estate intangible liabilities	$	1,360		$	1,553

For the three months ended March 31, 2023 and 2022, the Company recognized amortization related to in-place leases of approximately $2.3 million and $1.9 million, respectively, and net amortization related to above-market leases and below-market leases for the three months ended March 31, 2023 and 2022 of less than $0.1 million and approximately $(0.1) million, respectively, in its condensed consolidated statements of operations.

The following table represents expected amortization of existing real estate intangible assets and liabilities as of March 31, 2023:

(in thousands)	Amortization of in-place leases		Amortization of above-market leases		Amortization of below-market leases			Total amortization, net
Remainder of 2023	$	4,597	$	666	$	(478	)	$	4,785
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
2028		600		127		(26	)		701
Thereafter		1,257		145		(26	)		1,376
Total	$	15,523	$	2,710	$	(1,360	)	$	16,873

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.