INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of September 30, 2023 and December 31, 2022, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	September 30, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	27,003	$	(18,553)	$	8,450
Tenant relationship value	110		(51)		59
Above market leases acquired	178		(148)		30
Total intangible assets, net	$	27,291	$	(18,752)	$	8,539
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,783	$	(9,247)	$	8,536

	December 31, 2022
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	55,715	$	(37,437)	$	18,278
Tenant relationship value	167		(104)		63
Above market leases acquired	331		(221)		110
Total intangible assets, net	$	56,213	$	(37,762)	$	18,451
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	20,985	$	(10,663)	$	10,322

As of September 30, 2023, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2023 (three months remaining)	$	845	$	266
2024	1,818		929
2025	1,485		869
2026	1,093		739
2027	808		623
Thereafter	2,490		5,110
Total	$	8,539	$	8,536