XML 28 R15.htm IDEA: XBRL DOCUMENT

Intangible Assets and Liabilities

12 Months Ended

Dec. 31, 2024

Note 6 – Intangible Assets and Liabilities

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

	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):

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