NOTE 9. INTANGIBLE ASSETS AND LIABILITIES

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Intangible assets and liabilities consist of the value of above-market and below-market leases, the value of in-place leases, and the value of leasing costs, based in each case on their fair values. The gross values of certain intangible lease assets and liabilities that were fully amortized as of December 31, 2024, and the related accumulated amortization, were adjusted in the disclosure below. There was no impact to Intangible Lease Assets-Net or Intangible Lease Liabilities-Net as reported in the consolidated balance sheets as of December 31, 2024 as a result of the disclosure adjustment. Intangible assets and liabilities consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands):

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The following table reflects the net amortization of intangible assets and liabilities during the three and six months ended June 30, 2025 and 2024 (in thousands):

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Amortization Expense for the three and six months ended June 30, 2025 includes $0.6 million and $1.3 million, respectively, in the acceleration of amortization of lease intangibles related to certain leases terminated during the six months ended June 30, 2025. Accretion to Income Properties Revenue for the three and six months ended June 30, 2025 includes $0.1 million and $0.4 million, respectively, in the acceleration of amortization of lease intangibles related to certain leases terminated during the six months ended June 30, 2025.

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The estimated future amortization expense (income) related to net intangible assets and liabilities is as follows (in thousands):

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As of June 30, 2025, the weighted average amortization period of total intangible assets and liabilities was 7.4 years and 6.8 years, respectively.