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INTANGIBLE ASSETS AND LIABILITIES (Tables) | 6 Months Ended
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Jun. 30, 2024
INTANGIBLE ASSETS AND LIABILITIES |
Schedule of components of intangible lease assets and liabilities | 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
Schedule of net amortization of intangible assets and liabilities | 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
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 | ​ | $ | 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

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