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INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2024

INTANGIBLE ASSETS AND LIABILITIES

Schedule of components of intangible lease assets and liabilities

Intangible assets and liabilities consisted of the following as of December 31, 2024 and 2023 (in thousands):

​

​	​	​	​	​	​	​
​	​	As of
​		December 31, 2024			December 31, 2023
Intangible Lease Assets:	​	​	​	​	​	​
Value of In-Place Leases	​	$	100,117	​	$	90,246
Value of Above Market In-Place Leases	​	​	26,354	​	​	31,533
Value of Intangible Leasing Costs	​	​	25,706	​	​	24,974
Sub-total Intangible Lease Assets	​	​	152,177	​	​	146,753
Accumulated Amortization	​	​	(72,979)	​	​	(49,644)
Sub-total Intangible Lease Assets—Net	​	​	79,198	​	​	97,109
Intangible Lease Liabilities:	​	​	​	​	​	​
Value of Below Market In-Place Leases	​	​	(24,089)	​	​	(14,848)
Sub-total Intangible Lease Liabilities	​	​	(24,089)	​	​	(14,848)
Accumulated Amortization	​	​	8,965	​	​	4,407
Sub-total Intangible Lease Liabilities—Net	​	​	(15,124)	​	​	(10,441)
Total Intangible Assets and Liabilities—Net	​	$	64,074	​	$	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 years ended December 31, 2024, 2023, and 2022 (in thousands):

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31, 2024		​	December 31, 2023		​	December 31, 2022
Amortization Expense	​	$	31,561	​	$	18,444	​	$	12,300
Accretion to Income Properties Revenue	​	​	(254)	​	​	2,303	​	​	2,161
Net Amortization of Intangible Assets and Liabilities	​	$	31,307	​	$	20,747	​	$	14,461

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
2025	​	$	18,631	​	$	(570)	​	$	18,061
2026	​	​	15,095	​	​	(824)	​	​	14,271
2027	​	​	10,957	​	​	(597)	​	​	10,360
2028	​	​	7,587	​	​	(387)	​	​	7,200
2029	​	​	4,848	​	​	(433)	​	​	4,415
2030 and Thereafter	​	​	10,166	​	​	(399)	​	​	9,767
Total	​	$	67,284	​	$	(3,210)	​	$	64,074

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