OTHER INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

OTHER INTANGIBLE ASSETS AND LIABILITIES

6. OTHER INTANGIBLE ASSETS AND LIABILITIES

A schedule of the Company’s intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2024 and 2023, is as follows:

	As of December 31,
	2024		2023
	(in thousands)
Intangible assets:
Acquired in-place leases, net of accumulated amortization of $5,195 and $4,821, respectively, both with an average useful life of 6 years, respectively	$	610	$	984
Acquired above-market leases, net of accumulated amortization of $36 and $30, respectively, both with an average useful life of 7 years	1		7
Trade name and license	2,957		2,957
Total intangible assets, net	$	3,568	$	3,948

Amortization of the acquired above-market leases is recorded as a reduction to rental and other property income, and amortization of the acquired in-place leases is included in depreciation and amortization in the accompanying consolidated statements of operations. Amortization of the acquired below-market leases is recorded as an increase to rental and other property income in the accompanying consolidated statements of operations.

During the years ended December 31, 2024 and 2023, the Company recognized amortization related to its intangible assets and liabilities as follows:

	Year Ended December 31,
	2024		2023
	(in thousands)
Acquired above-market lease amortization	$	6	$	80
Acquired in-place lease amortization	$	374	$	27,714
Acquired below-market lease amortization	$	—	$	243

A schedule of future amortization and accretion of acquired intangible assets and liabilities as of December 31, 2024, is as follows:

	Assets
	Acquired		Acquired
	Above-Market		In-Place
Years Ending December 31,	Leases		Leases
	(in thousands)
2025	$	1	$	170
2026	—		123
2027	—		123
2028	—		122
2029	—		72
Thereafter	—		—
	$	1	$	610