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Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2024

Note 6 – Intangible Assets and Liabilities

Intangible assets and liabilities are summarized as follows (amounts in thousands):

	June 30, 2024									December 31, 2023
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
	(unaudited)			(unaudited)			(unaudited)
Finite-Lived Intangible Assets
In-place leases	$	2,871		$	(1,128	)	$	1,743		$	3,513		$	(1,699	)	$	1,814
Indefinite-Lived Intangible Assets
Development rights		5,659			—			5,659			5,659			—			5,659
Total intangible assets	$	8,530		$	(1,128	)	$	7,402		$	9,172		$	(1,699	)	$	7,473

Finite-Lived Intangible Liabilities
Below-market leases	$	(1,743	)	$	475		$	(1,268	)	$	(2,100	)	$	776		$	(1,324	)
Total intangible liabilities	$	(1,743	)	$	475		$	(1,268	)	$	(2,100	)	$	776		$	(1,324	)

In-place leases and development rights intangible assets, noted above, are included in Intangible assets on the consolidated balance sheets. Below-market lease liabilities, noted above, are included in Lease liabilities on the consolidated balance sheets.

Amortization of in-place lease intangible assets was less than $0.1 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively, and is included in Depreciation and amortization in the consolidated statements of operations.

Amortization of below-market lease liabilities was less than $0.1 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.6 million for the six months ended June 30, 2024 and 2023, respectively, and is included in Rental revenue in the consolidated statements of operations.