INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of June 30, 2024 and December 31, 2023, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	June 30, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	18,716	$	(12,124)	$	6,592
Tenant relationship value	110		(54)		56
Above market leases acquired	75		(51)		24
Total intangible assets, net	$	18,901	$	(12,229)	$	6,672
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,179	$	(9,393)	$	7,786

	December 31, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	24,281	$	(16,673)	$	7,608
Tenant relationship value	110		(52)		58
Above market leases acquired	75		(47)		28
Total intangible assets, net	$	24,466	$	(16,772)	$	7,694
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,588	$	(9,318)	$	8,270

As of June 30, 2024, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2024 (six months remaining)	$	796	$	444
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,577
Total	$	6,672	$	7,786