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INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2024

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

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NOTE 9. INTANGIBLE ASSETS AND LIABILITIES

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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 September 30, 2024 and December 31, 2023 (in thousands):

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​	​	​	​	​	​	​
​	​	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

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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):

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Three Months Ended

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Nine Months Ended

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September 30, 2024

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September 30, 2023

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September 30, 2024

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September 30, 2023

Amortization Expense

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$

5,188

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$

4,837

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$

14,532

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$

13,724

Accretion to Income Properties Revenue

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​

112

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​

487

​

​

830

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​

1,793

Net Amortization of Intangible Assets and Liabilities

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$

5,300

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$

5,324

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$

15,362

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$

15,517

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The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):

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​	​	​	​	​	​	​	​	​	​
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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As of September 30, 2024, the weighted average amortization period of total intangible assets and liabilities was 7.0 years and 5.4 years, respectively.

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- Definition

The entire disclosure for all or part of the information related to intangible assets.

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