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INTANGIBLE ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES
6. INTANGIBLE ASSETS AND LIABILITIES
As of September 30, 2022 and December 31, 2021, the Company’s intangible assets/liabilities were comprised of the following (in thousands):
September 30, 2022
Total CostAccumulated AmortizationIntangible Assets, net
Intangible assets, net:
In-place lease value$56,520 $(36,237)$20,283 
Tenant relationship value167 (102)65 
Above market leases acquired331 (208)123 
57,018 (36,547)20,471 
Assets held for sale(805)717 (88)
Total intangible assets, net$56,213 $(35,830)$20,383 
Total CostAccumulated AmortizationIntangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired$21,128 $(10,389)$10,739 
Assets held for sale(143)127 (16)
Total intangible liabilities, net$20,985 $(10,262)$10,723 
December 31, 2021
Total CostAccumulated AmortizationIntangible Assets, net
Intangible assets, net:
In-place lease value$72,376 $(44,066)$28,310 
Tenant relationship value167 (97)70 
Above market leases acquired486 (310)176 
Total intangible assets, net$73,029 $(44,473)$28,556 
Total CostAccumulated AmortizationIntangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired$27,025 $(14,044)$12,981 
As of September 30, 2022, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):
AssetsLiabilities
2022 (three months remaining)$1,970 $408 
20236,623 1,525 
20244,332 1,305 
20253,154 1,029 
20261,094 739 
Thereafter3,298 5,733 
20,471 10,739 
Assets held for sale(88)(16)
Total$20,383 $10,723