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INTANGIBLE ASSETS AND LIABILITIES (Tables) | 3 Months Ended
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Mar. 31, 2024
INTANGIBLE ASSETS AND LIABILITIES |
Schedule of components of intangible lease assets and liabilities | Intangible assets and liabilities consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2024 |  | December 31, 2023
Intangible Lease Assets: | ​ | ​ | ​ | ​ | ​ | ​
Value of In-Place Leases | ​ | $ | 96,388 | ​ | $ | 90,246
Value of Above Market In-Place Leases | ​ | ​ | 30,993 | ​ | ​ | 31,533
Value of Intangible Leasing Costs | ​ | ​ | 26,728 | ​ | ​ | 24,974
Sub-total Intangible Lease Assets | ​ | ​ | 154,109 | ​ | ​ | 146,753
Accumulated Amortization | ​ | ​ | (53,070) | ​ | ​ | (49,644)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 101,039 | ​ | ​ | 97,109
Intangible Lease Liabilities (Included in Accrued and Other Liabilities): | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (19,373) | ​ | ​ | (14,848)
Sub-total Intangible Lease Liabilities | ​ | ​ | (19,373) | ​ | ​ | (14,848)
Accumulated Amortization | ​ | ​ | 5,020 | ​ | ​ | 4,407
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (14,353) | ​ | ​ | (10,441)
Total Intangible Assets and Liabilities—Net | ​ | $ | 86,686 | ​ | $ | 86,668
Schedule of net amortization of intangible assets and liabilities | The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended
​ | ​ | March 31, 2024 | ​ | March 31, 2023
Amortization Expense | ​ | $ | 4,533 | ​ | $ | 4,391
Accretion to Income Properties Revenue | ​ | ​ | 474 | ​ | ​ | 679
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 5,007 | ​ | $ | 5,070
Schedule of estimated future amortization expense (income) related to net intangible 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 2024 | ​ | $ | 14,433 | ​ | $ | 733 | ​ | $ | 15,166
2025 | ​ | ​ | 17,407 | ​ | ​ | 992 | ​ | ​ | 18,399
2026 | ​ | ​ | 16,536 | ​ | ​ | 1,064 | ​ | ​ | 17,600
2027 | ​ | ​ | 13,873 | ​ | ​ | 327 | ​ | ​ | 14,200
2028 | ​ | ​ | 9,837 | ​ | ​ | 310 | ​ | ​ | 10,147
2029 | ​ | ​ | 3,836 | ​ | ​ | 873 | ​ | ​ | 4,709
2030 and Thereafter | ​ | ​ | 5,909 | ​ | ​ | 556 | ​ | ​ | 6,465
Total | ​ | $ | 81,831 | ​ | $ | 4,855 | ​ | $ | 86,686

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