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Note 4 - Intangibles
 12 Months Ended
Dec. 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 December 31, 2023 and 2022.

(in thousands)

 

December 31, 2023

 

 

December 31, 2022

 

Assets:

 

 

 

 

 

 

Above-market leases

 

$

4,153

 

 

$

5,150

 

Above-market leases accumulated amortization

 

 

(2,469

)

 

 

(2,199

)

In-place leases

 

 

29,221

 

 

 

36,078

 

In-place leases accumulated amortization

 

 

(20,094

)

 

 

(18,251

)

Total net real estate intangible assets

 

$

10,811

 

 

$

20,778

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Below-market leases

 

 

3,146

 

 

 

4,992

 

Below-market leases accumulated amortization

 

 

(2,513

)

 

 

(3,439

)

Total net real estate intangible liabilities

 

$

633

 

 

$

1,553

 

For the years ended December 31, 2023 and 2022, the Company recognized amortization related to in-place leases of approximately $6.5 million and $7.9 million, respectively, and net amortization related to above-market leases and below-market leases for the years ended December 31, 2023 and 2022 of approximately $0.3 million and $(0.4) million, respectively, in its consolidated statements of operations.

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

(in thousands)

Amortization of
in-place leases

 

 

Amortization of
above-market leases

 

 

Amortization of
below-market leases

 

 

Total amortization, net

 

2024

$

2,952

 

 

$

575

 

 

$

(291

)

 

$

3,236

 

2025

 

2,069

 

 

 

449

 

 

 

(161

)

 

 

2,357

 

2026

 

1,479

 

 

 

253

 

 

 

(91

)

 

 

1,641

 

2027

 

962

 

 

 

167

 

 

 

(47

)

 

 

1,082

 

2028

 

520

 

 

 

112

 

 

 

(26

)

 

 

606

 

Thereafter

 

1,145

 

 

 

128

 

 

 

(17

)

 

 

1,256

 

Total

$

9,127

 

 

$

1,684

 

 

$

(633

)

 

$

10,178

 

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, 2023, the weighted average remaining amortization period of in-place lease intangibles, above-market lease intangible assets and below-market lease intangibles is approximately 2.4 years, 3.0 years and 1.3 years, respectively.