INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and Liabilities

As of December 31, 2021 and 2020, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	December 31, 2021
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	72,376	$	(44,066)	$	28,310
Tenant relationship value	167		(97)		70
Above market leases acquired	486		(310)		176
Total intangible assets, net	$	73,029	$	(44,473)	$	28,556
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	27,025	$	(14,044)	$	12,981

	December 31, 2020
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	91,552	$	(43,400)	$	48,152
Tenant relationship value	2,091		(1,938)		153
Above market leases acquired	530		(265)		265
Total intangible assets, net	$	94,173	$	(45,603)	$	48,570
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	31,263	$	(12,815)	$	18,448

Summary of Amortization for Intangible Assets and Liabilities

As of December 31, 2021, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2022	$	9,642	$	2,588
2023	6,724		1,540
2024	4,433		1,321
2025	3,255		1,044
2026	1,195		754
Thereafter	3,307		5,734
Total	$	28,556	$	12,981