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INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2022
INTANGIBLE ASSETS AND LIABILITIES |
Schedule of components of intangible lease assets and liabilities |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2022 |  | December 31, 2021
Intangible Lease Assets: | ​ | ​ | ​ | ​ | ​ | ​
Value of In-Place Leases | ​ | $ | 90,335 | ​ | $ | 59,293
Value of Above Market In-Place Leases | ​ | ​ | 32,008 | ​ | ​ | 23,216
Value of Intangible Leasing Costs | ​ | ​ | 25,531 | ​ | ​ | 18,456
Sub-total Intangible Lease Assets | ​ | ​ | 147,874 | ​ | ​ | 100,965
Accumulated Amortization | ​ | ​ | (31,890) | ​ | ​ | (21,473)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 115,984 | ​ | ​ | 79,492
Intangible Lease Liabilities (Included in Accrued and Other Liabilities): | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (12,307) | ​ | ​ | (6,942)
Sub-total Intangible Lease Liabilities | ​ | ​ | (12,307) | ​ | ​ | (6,942)
Accumulated Amortization | ​ | ​ | 2,422 | ​ | ​ | 1,341
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (9,885) | ​ | ​ | (5,601)
Total Intangible Assets and Liabilities—Net | ​ | $ | 106,099 | ​ | $ | 73,891
Schedule of amortization of intangible assets and liabilities | The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2022, 2021, and 2020 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31, 2022 | ​ | December 31, 2021 | ​ | December 31, 2020
Amortization Expense | ​ | $ | 12,300 | ​ | $ | 8,264 | ​ | $ | 7,805
Accretion to Income Properties Revenue | ​ | ​ | 2,161 | ​ | ​ | (404) | ​ | ​ | (1,754)
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 14,461 | ​ | $ | 7,860 | ​ | $ | 6,051
​
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
2023 | ​ | $ | 14,977 | ​ | $ | 2,757 | ​ | $ | 17,734
2024 | ​ | ​ | 14,764 | ​ | ​ | 2,803 | ​ | ​ | 17,567
2025 | ​ | ​ | 12,944 | ​ | ​ | 2,878 | ​ | ​ | 15,822
2026 | ​ | ​ | 11,233 | ​ | ​ | 2,597 | ​ | ​ | 13,830
2027 | ​ | ​ | 10,978 | ​ | ​ | 1,408 | ​ | ​ | 12,386
2028 and Thereafter | ​ | ​ | 25,509 | ​ | ​ | 3,251 | ​ | ​ | 28,760
Total | ​ | $ | 90,405 | ​ | $ | 15,694 | ​ | $ | 106,099

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