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INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2023

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.