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Intangible Assets and Liabilities
 12 Months Ended
Dec. 31, 2023
Intangible Assets And Liabilities  
Intangible Assets and Liabilities

Note 6 – Intangible Assets and Liabilities

 

The following table summarizes our intangible assets and liabilities (amounts in thousands):

 

   December 31, 
   2023   2022 
   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount   Gross Carrying Amount   Accumulated Amortization   Net Carrying Amount 
Finite-Lived Intangible Assets                              
In-place leases  $3,513   $(1,699)  $1,814   $3,836   $(791)  $3,045 
Indefinite-Lived Intangible Assets                              
Development rights   5,659    —    5,659    5,659    —    5,659 
Total intangible assets  $9,172   $(1,699)  $7,473   $9,495   $(791)  $8,704 
                               
Finite-Lived Intangible Liabilities                              
Below-market leases  $(2,100)  $776   $(1,324)  $(2,517)  $411   $(2,106)
Total intangible liabilities  $(2,100)  $776   $(1,324)  $(2,517)  $411   $(2,106)

 

In-place lease intangible assets recorded for acquisitions of real estate during 2022, noted above, are included in Intangible assets in our consolidated balance sheets and are being amortized over a weighted average lease term of approximately 1.1 years. See “Note 5 – Real Estate, Net” for additional details regarding our acquisitions of real estate during 2022.

 

During the years ended December 31, 2023, and 2022, the amortization of in-place lease intangible assets was $1.2 million, and $0.6 million, respectively, and is included in Depreciation and amortization in our consolidated statements of operations.

 

The below-market lease liabilities recorded for acquisitions of real estate during 2022, noted above, are included in Lease liabilities in our consolidated balance sheets and are being amortized over a weighted average lease term of approximately 1.0 years. See “Note 5 – Real Estate, Net” for additional details regarding our acquisitions of real estate during 2022.

 

During the years ended December 31, 2023, and 2022, the amortization of below-market lease liability was $0.8 million and $0.3 million, respectively, and is included in Rental revenue in our consolidated statements of operations.

 

 

Based on the intangible assets and liabilities recorded as of December 31, 2023, scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (in thousands):

 

Years Ending December 31,  Increase in Rental Revenue  Increase to Amortization  Net
2024  $(98)  $130   $32 
2025   (80)   114    34 
2026   (80)   114    34 
2027   (80)   114    34 
2028   (80)   114    34 
Thereafter   (906)   1,228    322 
   $(1,324)  $1,814   $490