INTANGIBLE ASSETS AND LIABILITIES (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
|---|
| INTANGIBLE ASSETS AND LIABILITIES |
|
| Schedule of components of intangible lease assets and liabilities |
Intangible assets and liabilities consisted of the following as of September 30, 2024 and December 31, 2023 (in thousands): | | | | | | | | | As of | | | September 30,
2024 | | December 31,
2023 | Intangible Lease Assets: | | | | | | | Value of In-Place Leases | | $ | 110,027 | | $ | 90,246 | Value of Above Market In-Place Leases | | | 32,587 | | | 31,533 | Value of Intangible Leasing Costs | | | 28,847 | | | 24,974 | Sub-total Intangible Lease Assets | | | 171,461 | | | 146,753 | Accumulated Amortization | | | (63,803) | | | (49,644) | Sub-total Intangible Lease Assets—Net | | | 107,658 | | | 97,109 | Intangible Lease Liabilities: | | | | | | | Value of Below Market In-Place Leases | | | (25,898) | | | (14,848) | Sub-total Intangible Lease Liabilities | | | (25,898) | | | (14,848) | Accumulated Amortization | | | 7,041 | | | 4,407 | Sub-total Intangible Lease Liabilities—Net | | | (18,857) | | | (10,441) | Total Intangible Assets and Liabilities—Net | | $ | 88,801 | | $ | 86,668 |
|
| Schedule of net amortization of intangible assets and liabilities |
The following table reflects the net amortization of intangible assets and liabilities during the three and nine months ended September 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | September 30,
2024 | | September 30,
2023 | | September 30,
2024 | | September 30,
2023 | Amortization Expense | | $ | 5,188 | | $ | 4,837 | | $ | 14,532 | | $ | 13,724 | Accretion to Income Properties Revenue | | | 112 | | | 487 | | | 830 | | | 1,793 | Net Amortization of Intangible Assets and Liabilities | | $ | 5,300 | | $ | 5,324 | | $ | 15,362 | | $ | 15,517 |
|
| 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 2024 | | $ | 5,635 | | $ | 29 | | $ | 5,664 | 2025 | | | 20,704 | | | (29) | | | 20,675 | 2026 | | | 19,834 | | | (116) | | | 19,718 | 2027 | | | 17,083 | | | (859) | | | 16,224 | 2028 | | | 13,307 | | | (814) | | | 12,493 | 2029 | | | 4,867 | | | 305 | | | 5,172 | 2030 and Thereafter | | | 7,361 | | | 1,494 | | | 8,855 | Total | | $ | 88,791 | | $ | 10 | | $ | 88,801 |
|