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INTANGIBLE ASSETS AND LIABILITIES | 3 Months Ended
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Mar. 31, 2023
INTANGIBLE ASSETS AND LIABILITIES |
INTANGIBLE ASSETS AND LIABILITIES | NOTE 9. 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 March 31, 2023 and December 31, 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2023 |  | December 31, 2022
Intangible Lease Assets: | ​ | ​ | ​ | ​ | ​ | ​
Value of In-Place Leases | ​ | $ | 90,413 | ​ | $ | 90,335
Value of Above Market In-Place Leases | ​ | ​ | 31,735 | ​ | ​ | 32,008
Value of Intangible Leasing Costs | ​ | ​ | 25,499 | ​ | ​ | 25,531
Sub-total Intangible Lease Assets | ​ | ​ | 147,647 | ​ | ​ | 147,874
Accumulated Amortization | ​ | ​ | (37,324) | ​ | ​ | (31,890)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 110,323 | ​ | ​ | 115,984
Intangible Lease Liabilities (Included in Accrued and Other Liabilities): | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (12,316) | ​ | ​ | (12,307)
Sub-total Intangible Lease Liabilities | ​ | ​ | (12,316) | ​ | ​ | (12,307)
Accumulated Amortization | ​ | ​ | 2,970 | ​ | ​ | 2,422
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (9,346) | ​ | ​ | (9,885)
Total Intangible Assets and Liabilities—Net | ​ | $ | 100,977 | ​ | $ | 106,099
​ ​ The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31, 2023 | ​ | March 31, 2022
Amortization Expense | ​ | $ | 4,391 | ​ | $ | 2,695
Accretion to Income Properties Revenue | ​ | ​ | 679 | ​ | ​ | 481
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 5,070 | ​ | $ | 3,176
​ 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 2023 | ​ | $ | 13,134 | ​ | $ | 2,037 | ​ | $ | 15,171
2024 | ​ | ​ | 17,512 | ​ | ​ | 2,801 | ​ | ​ | 20,313
2025 | ​ | ​ | 15,252 | ​ | ​ | 2,752 | ​ | ​ | 18,004
2026 | ​ | ​ | 13,471 | ​ | ​ | 2,821 | ​ | ​ | 16,292
2027 | ​ | ​ | 11,214 | ​ | ​ | 1,744 | ​ | ​ | 12,958
2028 | ​ | ​ | 7,331 | ​ | ​ | 1,239 | ​ | ​ | 8,570
2029 and Thereafter | ​ | ​ | 8,209 | ​ | ​ | 1,460 | ​ | ​ | 9,669
Total | ​ | $ | 86,123 | ​ | $ | 14,854 | ​ | $ | 100,977
​ As of March 31, 2023, the weighted average amortization period of total intangible assets and liabilities was 6.1 years and 7.8 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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