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INTANGIBLE ASSETS AND LIABILITIES (Tables) | 9 Months Ended
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Sep. 30, 2022
INTANGIBLE ASSETS AND LIABILITIES |
Schedule of components of intangible lease assets and liabilities | 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
Schedule of amortization of intangible assets and liabilities | 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
Schedule of estimated future amortization and accretion of intangible lease assets and liabilities | 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

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