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Intangible Assets and Liabilities | 12 Months Ended
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Dec. 31, 2024
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): Schedule of Intangible Assets And Liabilities
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Finite-Lived Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-place leases |  | $ | 2,871 |  |  | $ | (1,188 | ) |  | $ | 1,683 |  |  | $ | 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 |  |  | $ | (1,188 | ) |  | $ | 7,342 |  |  | $ | 9,172 |  |  | $ | (1,699 | ) |  | $ | 7,473 |
Finite-Lived Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market leases |  | $ | (1,743 | ) |  | $ | 518 |  |  | $ | (1,225 | ) |  | $ | (2,100 | ) |  | $ | 776 |  |  | $ | (1,324 | )
Total intangible liabilities |  | $ | (1,743 | ) |  | $ | 518 |  |  | $ | (1,225 | ) |  | $ | (2,100 | ) |  | $ | 776 |  |  | $ | (1,324 | )
During the years ended December 31, 2024, and 2023, the amortization of in-place lease intangible assets was $0.1 million, and $1.2 million, respectively, and is included in Depreciation and amortization in our consolidated statements of operations. During the years ended December 31, 2024, and 2023, the amortization of below-market lease liability was $0.1 million and $0.8 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, 2024, scheduled annual net amortization of intangibles for the next five calendar years and thereafter is as follows (amounts in thousands): Schedule of Annual Net Amortization of Intangibles
Years Ending December 31, |  | Increase in Rental Revenue |  |  | Increase to Amortization |  |  | Net |
2025 |  | $ | (80 | ) |  | $ | 114 |  |  | $ | 34 |
2026 |  |  | (80 | ) |  |  | 114 |  |  |  | 34 |
2027 |  |  | (80 | ) |  |  | 114 |  |  |  | 34 |
2028 |  |  | (80 | ) |  |  | 114 |  |  |  | 34 |
2029 |  |  | (80 | ) |  |  | 114 |  |  |  | 34 |
Thereafter |  |  | (825 | ) |  |  | 1,113 |  |  |  | 288 |
|  | $ | (1,225 | ) |  | $ | 1,683 |  |  | $ | 458 |

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