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INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of components of intangible lease assets and liabilities

Intangible assets and liabilities consisted of the following as of March 31, 2025 and December 31, 2024 (in thousands):

​

​	​	​	​	​	​	​
​	​	As of
​		March 31, 2025			December 31, 2024
Intangible Lease Assets:	​	​	​	​	​	​
Value of In-Place Leases	​	$	94,088	​	$	82,740
Value of Above Market In-Place Leases	​	​	25,074	​	​	23,295
Value of Intangible Leasing Costs	​	​	26,561	​	​	24,051
Sub-total Intangible Lease Assets	​	​	145,723	​	​	130,086
Accumulated Amortization	​	​	(56,792)	​	​	(50,888)
Sub-total Intangible Lease Assets—Net	​	​	88,931	​	​	79,198
Intangible Lease Liabilities:	​	​	​	​	​	​
Value of Below Market In-Place Leases	​	​	(24,541)	​	​	(21,267)
Sub-total Intangible Lease Liabilities	​	​	(24,541)	​	​	(21,267)
Accumulated Amortization	​	​	7,173	​	​	6,143
Sub-total Intangible Lease Liabilities—Net	​	​	(17,368)	​	​	(15,124)
Total Intangible Assets and Liabilities—Net	​	$	71,563	​	$	64,074

Schedule of net amortization of intangible assets and liabilities

The following table reflects the net amortization of intangible assets and liabilities during the three months ended March 31, 2025 and 2024 (in thousands):

​

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31, 2025		​	March 31, 2024
Amortization Expense	​	$	6,028	​	$	4,533
Accretion to Income Properties Revenue	​	​	(449)	​	​	474
Net Amortization of Intangible Assets and Liabilities	​	$	5,579	​	$	5,007

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 2025	​	$	16,625	​	$	(564)	​	$	16,061
2026	​	​	18,575	​	​	(986)	​	​	17,589
2027	​	​	13,524	​	​	(706)	​	​	12,818
2028	​	​	9,410	​	​	(456)	​	​	8,954
2029	​	​	5,662	​	​	(665)	​	​	4,997
2030	​	​	3,966	​	​	(365)	​	​	3,601
2031 and Thereafter	​	​	8,508	​	​	(965)	​	​	7,543
Total	​	$	76,270	​	$	(4,707)	​	$	71,563

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Tabular disclosure of assets and liabilities, excluding financial assets and liabilities and goodwill, lacking physical substance with a finite life, by either major class or business segment.

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