XML 32 R19.htm IDEA: XBRL DOCUMENT
v3.22.4

INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended
--- | ---
Dec. 31, 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 December 31, 2022 and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ 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
​ 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
​ As of December 31, 2022, the weighted average amortization period of total intangible assets and liabilities was 6.1 years and 7.7 years, respectively.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration