INTANGIBLE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

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

	September 30, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	17,112	$	(10,940)	$	6,172
Tenant relationship value	110		(56)		54
Above market leases acquired	75		(52)		23
Total intangible assets, net	$	17,297	$	(11,048)	$	6,249
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	16,668	$	(9,110)	$	7,558

	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

Schedule of Amortization for Intangible Assets and Liabilities

As of September 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 (three months remaining)	$	373	$	217
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,576
Total	$	6,249	$	7,558