XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

INTANGIBLE ASSETS AND LIABILITIES | 3 Months Ended
--- | ---
Mar. 31, 2024
INTANGIBLE ASSETS AND LIABILITIES |
INTANGIBLE ASSETS AND LIABILITIES | NOTE 9. 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 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
​ 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
​ 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
​ As of March 31, 2024, the weighted average amortization period of total intangible assets and liabilities was 6.0 years and 5.6 years, respectively.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration