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INTANGIBLE ASSETS AND LIABILITIES | 12 Months Ended
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Dec. 31, 2023
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, 2023 and 2022 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | December 31, 2023 |  | December 31, 2022
Intangible Lease Assets: | ​ | ​ | ​ | ​ | ​ | ​
Value of In-Place Leases | ​ | $ | 90,246 | ​ | $ | 90,335
Value of Above Market In-Place Leases | ​ | ​ | 31,533 | ​ | ​ | 32,008
Value of Intangible Leasing Costs | ​ | ​ | 24,974 | ​ | ​ | 25,531
Sub-total Intangible Lease Assets | ​ | ​ | 146,753 | ​ | ​ | 147,874
Accumulated Amortization | ​ | ​ | (49,644) | ​ | ​ | (31,890)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 97,109 | ​ | ​ | 115,984
Intangible Lease Liabilities (Included in Accrued and Other Liabilities): | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (14,848) | ​ | ​ | (12,307)
Sub-total Intangible Lease Liabilities | ​ | ​ | (14,848) | ​ | ​ | (12,307)
Accumulated Amortization | ​ | ​ | 4,407 | ​ | ​ | 2,422
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (10,441) | ​ | ​ | (9,885)
Total Intangible Assets and Liabilities—Net | ​ | $ | 86,668 | ​ | $ | 106,099
​ The following table reflects the net amortization of intangible assets and liabilities during the years ended December 31, 2023, 2022, and 2021 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31, 2023 | ​ | December 31, 2022 | ​ | December 31, 2021
Amortization Expense | ​ | $ | 18,444 | ​ | $ | 12,300 | ​ | $ | 8,264
Accretion to Income Properties Revenue | ​ | ​ | 2,303 | ​ | ​ | 2,161 | ​ | ​ | (404)
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 20,747 | ​ | $ | 14,461 | ​ | $ | 7,860
​ 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
2024 | ​ | $ | 18,139 | ​ | $ | 2,050 | ​ | $ | 20,189
2025 | ​ | ​ | 15,903 | ​ | ​ | 2,065 | ​ | ​ | 17,968
2026 | ​ | ​ | 14,644 | ​ | ​ | 2,009 | ​ | ​ | 16,653
2027 | ​ | ​ | 11,866 | ​ | ​ | 1,233 | ​ | ​ | 13,099
2028 | ​ | ​ | 7,422 | ​ | ​ | 1,213 | ​ | ​ | 8,635
2029 and Thereafter | ​ | ​ | 8,666 | ​ | ​ | 1,458 | ​ | ​ | 10,124
Total | ​ | $ | 76,640 | ​ | $ | 10,028 | ​ | $ | 86,668
​ As of December 31, 2023, the weighted average amortization period of total intangible assets and liabilities was 6.0 years and 7.3 years, respectively.

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