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INTANGIBLE ASSETS AND LIABILITIES (Tables) | 9 Months Ended
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Sep. 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 September 30, 2024 and December 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | September 30, 2024 |  | December 31, 2023
Intangible Lease Assets: | ​ | ​ | ​ | ​ | ​ | ​
Value of In-Place Leases | ​ | $ | 110,027 | ​ | $ | 90,246
Value of Above Market In-Place Leases | ​ | ​ | 32,587 | ​ | ​ | 31,533
Value of Intangible Leasing Costs | ​ | ​ | 28,847 | ​ | ​ | 24,974
Sub-total Intangible Lease Assets | ​ | ​ | 171,461 | ​ | ​ | 146,753
Accumulated Amortization | ​ | ​ | (63,803) | ​ | ​ | (49,644)
Sub-total Intangible Lease Assets—Net | ​ | ​ | 107,658 | ​ | ​ | 97,109
Intangible Lease Liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Value of Below Market In-Place Leases | ​ | ​ | (25,898) | ​ | ​ | (14,848)
Sub-total Intangible Lease Liabilities | ​ | ​ | (25,898) | ​ | ​ | (14,848)
Accumulated Amortization | ​ | ​ | 7,041 | ​ | ​ | 4,407
Sub-total Intangible Lease Liabilities—Net | ​ | ​ | (18,857) | ​ | ​ | (10,441)
Total Intangible Assets and Liabilities—Net | ​ | $ | 88,801 | ​ | $ | 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 nine months ended September 30, 2024 and 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, 2024 | ​ | September 30, 2023 | ​ | September 30, 2024 | ​ | September 30, 2023
Amortization Expense | ​ | $ | 5,188 | ​ | $ | 4,837 | ​ | $ | 14,532 | ​ | $ | 13,724
Accretion to Income Properties Revenue | ​ | ​ | 112 | ​ | ​ | 487 | ​ | ​ | 830 | ​ | ​ | 1,793
Net Amortization of Intangible Assets and Liabilities | ​ | $ | 5,300 | ​ | $ | 5,324 | ​ | $ | 15,362 | ​ | $ | 15,517
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 | ​ | $ | 5,635 | ​ | $ | 29 | ​ | $ | 5,664
2025 | ​ | ​ | 20,704 | ​ | ​ | (29) | ​ | ​ | 20,675
2026 | ​ | ​ | 19,834 | ​ | ​ | (116) | ​ | ​ | 19,718
2027 | ​ | ​ | 17,083 | ​ | ​ | (859) | ​ | ​ | 16,224
2028 | ​ | ​ | 13,307 | ​ | ​ | (814) | ​ | ​ | 12,493
2029 | ​ | ​ | 4,867 | ​ | ​ | 305 | ​ | ​ | 5,172
2030 and Thereafter | ​ | ​ | 7,361 | ​ | ​ | 1,494 | ​ | ​ | 8,855
Total | ​ | $ | 88,791 | ​ | $ | 10 | ​ | $ | 88,801

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