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INTANGIBLE ASSETS AND LIABILITIES
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES
7. INTANGIBLE ASSETS AND LIABILITIES
As of December 31, 2024 and 2023, the Company’s intangible assets/liabilities were comprised of the following (in thousands):
December 31, 2024
Total CostAccumulated AmortizationIntangible Assets, net
Intangible assets, net:
In-place lease value$15,794 $(10,363)$5,431 
Tenant relationship value110 (57)53 
Above market leases acquired75 (54)21 
Total intangible assets, net$15,979 $(10,474)$5,505 
Total CostAccumulated AmortizationIntangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired$16,413 $(9,121)$7,292 
December 31, 2023
Total CostAccumulated AmortizationIntangible Assets, net
Intangible assets, net:
In-place lease value$24,281 $(16,673)$7,608 
Tenant relationship value110 (52)58 
Above market leases acquired75 (47)28 
Total intangible assets, net$24,466 $(16,772)$7,694 
Total CostAccumulated AmortizationIntangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired$17,588 $(9,318)$8,270 
For the year ended December 31, 2024, the Company had no acceleration of its amortization of intangible assets as a result of tenant move-outs prior to the end of the associated lease term. For the years ended December 31, 2023, and 2022, the Company accelerated the amortization of intangible assets by approximately $0.1 million, and $0.4 million, respectively, as a result of tenant move-outs prior to the end of the associated lease term. For the year ended December 31, 2024 the Company had no acceleration of its amortization of intangible liabilities as a result of tenant move-outs. For the years ended December 31, 2023, and 2022 the Company accelerated the amortization of approximately $0.01 million, and $0.1 million of intangible liabilities as a result of tenant move-outs.
As of December 31, 2024, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):
AssetsLiabilities
2025$1,692 $842 
2026813 722 
2027570 618 
2028253 533 
2029253 533 
Thereafter1,924 4,044 
Total$5,505 $7,292