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INTANGIBLE ASSETS AND LIABILITIES (Tables) | 12 Months Ended
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Dec. 31, 2023
INTANGIBLE ASSETS AND LIABILITIES |
Schedule of components of intangible lease assets and liabilities | 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
Schedule of amortization of intangible assets and liabilities | 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
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
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

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