INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2025 and December 31, 2024, the Company’s intangible assets/liabilities were comprised of the following (in thousands):

	March 31, 2025
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	15,794	$	(10,837)	$	4,957
Tenant relationship value	110		(58)		52
Above market leases acquired	75		(56)		19
Total intangible assets, net	$	15,979	$	(10,951)	$	5,028
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	16,412	$	(9,332)	$	7,080

	December 31, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	15,794	$	(10,363)	$	5,431
Tenant relationship value	110		(57)		53
Above market leases acquired	75		(54)		21
Total intangible assets, net	$	15,979	$	(10,474)	$	5,505
	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	16,413	$	(9,121)	$	7,292

As of March 31, 2025, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, was as follows (dollars in thousands):

	Assets		Liabilities
2025 (nine months remaining)	$	1,216	$	630
2026	813		722
2027	570		618
2028	253		533
2029	253		533
Thereafter	1,923		4,044
Total	$	5,028	$	7,080