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v3.23.1

INTANGIBLE ASSETS AND LIABILITIES (Tables) | 3 Months Ended
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Mar. 31, 2023
INTANGIBLE ASSETS AND LIABILITIES |
Schedule of components of intangible lease assets and liabilities |
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of amortization of intangible assets and liabilities | 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
​
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 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
​

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- Definition Tabular disclosure of the amount of amortization expense for finite-lived intangible assets and accretion to income for finite-lived intangible liabilities expected to be recorded in succeeding fiscal years. + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, excluding financial assets and liabilities and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References No definition available. + Details
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