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Note 4 - Intangibles
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023.

 

(in thousands)

 

December 31, 2024

 

 

December 31, 2023

 

Assets:

 

 

 

 

 

 

Above-market leases

 

$

4,153

 

 

$

4,153

 

Above-market leases accumulated amortization

 

 

(3,038

)

 

 

(2,469

)

In-place leases

 

 

28,814

 

 

 

29,221

 

In-place leases accumulated amortization

 

 

(22,771

)

 

 

(20,094

)

Total real estate intangible assets, net

 

$

7,158

 

 

$

10,811

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Below-market leases

 

$

3,099

 

 

$

3,146

 

Below-market leases accumulated amortization

 

 

(2,778

)

 

 

(2,513

)

Total real estate intangible liabilities, net

 

$

321

 

 

$

633

 

For the years ended December 31, 2024 and 2023, the Company recognized amortization related to in-place leases of approximately $2.9 million and $6.5 million, respectively, and net amortization related to above-market leases and below-market leases for each of the years ended December 31, 2024 and 2023 of approximately $0.3 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, 2024.

(in thousands)

Amortization of
in-place leases

 

 

Amortization of
above-market leases

 

 

Amortization of
below-market leases

 

 

Total amortization, net

 

2025

$

2,024

 

 

$

449

 

 

$

(153

)

 

$

2,320

 

2026

 

1,433

 

 

 

253

 

 

 

(83

)

 

 

1,603

 

2027

 

933

 

 

 

167

 

 

 

(44

)

 

 

1,056

 

2028

 

503

 

 

 

112

 

 

 

(26

)

 

 

589

 

2029

 

383

 

 

 

80

 

 

 

(14

)

 

 

449

 

Thereafter

 

767

 

 

 

54

 

 

 

(1

)

 

 

820

 

Total

$

6,043

 

 

$

1,115

 

 

$

(321

)

 

$

6,837

 

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, 2024, the weighted average remaining amortization period of in-place lease intangibles, above-market lease intangible assets and below-market lease intangibles is approximately 1.9 years, 2.2 years and 0.8 years, respectively.