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Intangible Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following (in thousands):

June 30, 2023December 31, 2022
Gross
Carrying
Amount		Accumulated AmortizationNet Carrying AmountGross
Carrying
Amount		Accumulated AmortizationNet Carrying Amount
Assets:
In-place leases$168,425 $(36,499)$131,926 $154,876 $(28,472)$126,404 
Above-market leases21,508 (3,601)17,907 20,091 (2,892)17,199 
Assembled workforce873 (873)— 873 (873)— 
Lease incentives9,244 (1,010)8,234 8,021 (618)7,403 
Total intangible assets$200,050 $(41,983)$158,067 $183,861 $(32,855)$151,006 

Liabilities:   
Below-market leases$34,027 $(6,593)$27,434 $35,596 $(5,465)$30,131 
Weighted Average Amortization Period for Intangible Assets and Liabilities
The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of June 30, 2023 and as of December 31, 2022 by category were as follows:

Years Remaining
June 30, 2023December 31, 2022
In-place leases9.29.4
Above-market leases12.813.0
Below-market leases11.411.6
Lease incentives11.411.8
Amortization of Intangible Assets and Liabilities The following amounts in the accompanying condensed consolidated statements of operations and comprehensive income related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Amortization:
Amortization of in-place leases$4,809 $3,734 $9,479 $7,288 
Amortization of assembled workforce— 73 — 147 
$4,809 $3,807 $9,479 $7,435 
Net adjustment to rental revenue:
Above-market lease assets(391)(333)(762)(660)
Below-market lease liabilities768 627 1,551 1,237 
Lease incentives(193)(128)(392)(246)
$184 $166 $397 $331 
Projected Amortization of Intangible Assets and Liabilities
The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangibles to rental revenue as of June 30, 2023, for the next five years and thereafter (in thousands):

Remainder of 2023
2024202520262027ThereafterTotal
In-place leases$9,094 $18,035 $17,462 $16,233 $13,942 $57,160 $131,926 
Above-market lease assets$(785)$(1,565)$(1,564)$(1,563)$(1,535)$(10,895)$(17,907)
Below-market lease liabilities1,434 2,857 2,835 2,743 2,671 14,894 27,434 
Lease incentives(396)(793)(793)(793)(743)(4,716)(8,234)
Net adjustment to rental revenue$253 $499 $478 $387 $393 $(717)$1,293 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangibles to rental revenue as of June 30, 2023, for the next five years and thereafter (in thousands):

Remainder of 2023
2024202520262027ThereafterTotal
In-place leases$9,094 $18,035 $17,462 $16,233 $13,942 $57,160 $131,926 
Above-market lease assets$(785)$(1,565)$(1,564)$(1,563)$(1,535)$(10,895)$(17,907)
Below-market lease liabilities1,434 2,857 2,835 2,743 2,671 14,894 27,434 
Lease incentives(396)(793)(793)(793)(743)(4,716)(8,234)
Net adjustment to rental revenue$253 $499 $478 $387 $393 $(717)$1,293