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INTANGIBLE ASSETS AND LIABILITIES (Tables) | 9 Months Ended
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Sep. 30, 2023
INTANGIBLE ASSETS AND LIABILITIES |
Schedule of components of intangible lease assets and liabilities | Intangible assets and liabilities consisted of the following as of September 30, 2023 and December 31, 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2023 |  | December 31, 2022
Intangible Lease Assets: | ​ | ​ | ​ | ​ | ​ | ​
Value of In-Place Leases | ​ | $ | 94,496 | ​ | $ | 90,335
Value of Above Market In-Place Leases | ​ | ​ | 31,756 | ​ | ​ | 32,008
Value of Intangible Leasing Costs | ​ | ​ | 26,577 | ​ | ​ | 25,531
Sub-total Intangible Lease Assets | ​ | ​ | 152,829 | ​ | ​ | 147,874
Accumulated Amortization | ​ | ​ | (46,978) | ​ | ​ | (31,890)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 105,851 | ​ | ​ | 115,984
Intangible Lease Liabilities (Included in Accrued and Other Liabilities): | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (15,071) | ​ | ​ | (12,307)
Sub-total Intangible Lease Liabilities | ​ | ​ | (15,071) | ​ | ​ | (12,307)
Accumulated Amortization | ​ | ​ | 3,868 | ​ | ​ | 2,422
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (11,203) | ​ | ​ | (9,885)
Total Intangible Assets and Liabilities—Net | ​ | $ | 94,648 | ​ | $ | 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 and nine months ended September 30, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, 2023 | ​ | September 30, 2022 | ​ | September 30, 2023 | ​ | September 30, 2022
Amortization Expense | ​ | $ | 4,837 | ​ | $ | 3,076 | ​ | $ | 13,724 | ​ | $ | 8,605
Accretion to Income Properties Revenue | ​ | ​ | 487 | ​ | ​ | 507 | ​ | ​ | 1,793 | ​ | ​ | 1,485
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 5,324 | ​ | $ | 3,583 | ​ | $ | 15,517 | ​ | $ | 10,090
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 | ​ | $ | 4,779 | ​ | $ | 509 | ​ | $ | 5,288
2024 | ​ | ​ | 19,115 | ​ | ​ | 2,036 | ​ | ​ | 21,151
2025 | ​ | ​ | 16,796 | ​ | ​ | 1,984 | ​ | ​ | 18,780
2026 | ​ | ​ | 15,053 | ​ | ​ | 2,140 | ​ | ​ | 17,193
2027 | ​ | ​ | 12,153 | ​ | ​ | 1,254 | ​ | ​ | 13,407
2028 | ​ | ​ | 7,473 | ​ | ​ | 1,231 | ​ | ​ | 8,704
2029 and Thereafter | ​ | ​ | 8,668 | ​ | ​ | 1,457 | ​ | ​ | 10,125
Total | ​ | $ | 84,037 | ​ | $ | 10,611 | ​ | $ | 94,648

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