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INTANGIBLE ASSETS AND LIABILITIES | 9 Months Ended
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Sep. 30, 2022
INTANGIBLE ASSETS AND LIABILITIES |
INTANGIBLE ASSETS AND LIABILITIES | NOTE 10. INTANGIBLE ASSETS AND LIABILITIES ​ Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. Intangible assets and liabilities consisted of the following as of September 30, 2022 and December 31, 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2022 |  | December 31, 2021
Intangible Lease Assets: | ​ | ​ | ​ | ​ | ​ | ​
Value of In-Place Leases | ​ | $ | 69,642 | ​ | $ | 59,293
Value of Above Market In-Place Leases | ​ | ​ | 24,640 | ​ | ​ | 23,216
Value of Intangible Leasing Costs | ​ | ​ | 20,550 | ​ | ​ | 18,456
Sub-total Intangible Lease Assets | ​ | ​ | 114,832 | ​ | ​ | 100,965
Accumulated Amortization | ​ | ​ | (27,161) | ​ | ​ | (21,473)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 87,671 | ​ | ​ | 79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities): | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (8,057) | ​ | ​ | (6,942)
Sub-total Intangible Lease Liabilities | ​ | ​ | (8,057) | ​ | ​ | (6,942)
Accumulated Amortization | ​ | ​ | 2,062 | ​ | ​ | 1,341
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (5,995) | ​ | ​ | (5,601)
Total Intangible Assets and Liabilities—Net | ​ | $ | 81,676 | ​ | $ | 73,891
​ The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2022 and 2021 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, 2022 | ​ | September 30, 2021 | ​ | September 30, 2022 | ​ | September 30, 2021
Amortization Expense | ​ | $ | 3,076 | ​ | $ | 2,275 | ​ | $ | 8,605 | ​ | $ | 6,037
Accretion to Income Properties Revenue | ​ | ​ | 507 | ​ | ​ | (86) | ​ | ​ | 1,485 | ​ | ​ | (820)
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 3,583 | ​ | $ | 2,189 | ​ | $ | 10,090 | ​ | $ | 5,217
​ The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year Ending December 31, |  | Future Amortization Amount |  | Future Accretion to Income Property Revenue |  | Net Future Amortization of Intangible Assets and Liabilities
Remainder of 2022 | ​ | $ | 3,063 | ​ | $ | 513 | ​ | $ | 3,576
2023 | ​ | ​ | 12,218 | ​ | ​ | 2,080 | ​ | ​ | 14,298
2024 | ​ | ​ | 12,005 | ​ | ​ | 2,126 | ​ | ​ | 14,131
2025 | ​ | ​ | 10,161 | ​ | ​ | 2,204 | ​ | ​ | 12,365
2026 | ​ | ​ | 8,498 | ​ | ​ | 1,920 | ​ | ​ | 10,418
2027 | ​ | ​ | 8,223 | ​ | ​ | 1,597 | ​ | ​ | 9,820
2028 and Thereafter | ​ | ​ | 14,257 | ​ | ​ | 2,811 | ​ | ​ | 17,068
Total | ​ | $ | 68,425 | ​ | $ | 13,251 | ​ | $ | 81,676
​ As of September 30, 2022, the weighted average amortization period of total intangible assets and liabilities was 6.5 years and 9.8 years, respectively. ​

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -URI https://asc.fasb.org/subtopic&trid=2144471 + Details
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