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INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2023

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.