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INTANGIBLE ASSETS AND LIABILITIES | 6 Months Ended
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Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | June 30, 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 | ​ | ​ | (59,055) | ​ | ​ | (49,644)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 95,054 | ​ | ​ | 97,109
Intangible Lease Liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (19,373) | ​ | ​ | (14,848)
Sub-total Intangible Lease Liabilities | ​ | ​ | (19,373) | ​ | ​ | (14,848)
Accumulated Amortization | ​ | ​ | 5,952 | ​ | ​ | 4,407
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (13,421) | ​ | ​ | (10,441)
Total Intangible Assets and Liabilities—Net | ​ | $ | 81,633 | ​ | $ | 86,668
​ The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended
​ | ​ | June 30, 2024 | ​ | June 30, 2023 | ​ | June 30, 2024 | ​ | June 30, 2023
Amortization Expense | ​ | $ | 4,811 | ​ | $ | 4,496 | ​ | $ | 9,344 | ​ | $ | 8,887
Accretion to Income Properties Revenue | ​ | ​ | 244 | ​ | ​ | 627 | ​ | ​ | 718 | ​ | ​ | 1,306
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 5,055 | ​ | $ | 5,123 | ​ | $ | 10,062 | ​ | $ | 10,193
​ 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 | ​ | $ | 9,622 | ​ | $ | 490 | ​ | $ | 10,112
2025 | ​ | ​ | 17,407 | ​ | ​ | 1,047 | ​ | ​ | 18,454
2026 | ​ | ​ | 16,536 | ​ | ​ | 1,008 | ​ | ​ | 17,544
2027 | ​ | ​ | 13,786 | ​ | ​ | 327 | ​ | ​ | 14,113
2028 | ​ | ​ | 9,925 | ​ | ​ | 309 | ​ | ​ | 10,234
2029 | ​ | ​ | 3,836 | ​ | ​ | 395 | ​ | ​ | 4,231
2030 and Thereafter | ​ | ​ | 5,910 | ​ | ​ | 1,035 | ​ | ​ | 6,945
Total | ​ | $ | 77,022 | ​ | $ | 4,611 | ​ | $ | 81,633
​ As of June 30, 2024, the weighted average amortization period of total intangible assets and liabilities was 6.0 years and 5.7 years, respectively.

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