INTANGIBLE ASSETS AND LIABILITIES (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of components of intangible lease assets and liabilities |
Intangible assets and liabilities consisted of the following as of June 30, 2025 and December 31, 2024 (in thousands): | | | | | | | | | As of | | | June 30,
2025 | | December 31,
2024 | Intangible Lease Assets: | | | | | | | Value of In-Place Leases | | $ | 92,331 | | $ | 82,740 | Value of Above Market In-Place Leases | | | 24,766 | | | 23,295 | Value of Intangible Leasing Costs | | | 26,321 | | | 24,051 | Sub-total Intangible Lease Assets | | | 143,418 | | | 130,086 | Accumulated Amortization | | | (61,870) | | | (50,888) | Sub-total Intangible Lease Assets—Net | | | 81,548 | | | 79,198 | Intangible Lease Liabilities: | | | | | | | Value of Below Market In-Place Leases | | | (24,288) | | | (21,267) | Sub-total Intangible Lease Liabilities | | | (24,288) | | | (21,267) | Accumulated Amortization | | | 8,283 | | | 6,143 | Sub-total Intangible Lease Liabilities—Net | | | (16,005) | | | (15,124) | Total Intangible Assets and Liabilities—Net | | $ | 65,543 | | $ | 64,074 |
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| 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 six months ended June 30, 2025 and 2024 (in thousands): | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | June 30,
2025 | | June 30,
2024 | | June 30,
2025 | | June 30,
2024 | Amortization Expense | | $ | 6,287 | | $ | 4,811 | | $ | 12,316 | | $ | 9,344 | Accretion to Income Properties Revenue | | | (267) | | | 244 | | | (716) | | | 718 | Net Amortization of Intangible Assets and Liabilities | | $ | 6,020 | | $ | 5,055 | | $ | 11,600 | | $ | 10,062 |
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| 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 2025 | | $ | 10,774 | | $ | (369) | | $ | 10,405 | 2026 | | | 18,298 | | | (923) | | | 17,375 | 2027 | | | 13,480 | | | (707) | | | 12,773 | 2028 | | | 9,366 | | | (457) | | | 8,909 | 2029 | | | 5,620 | | | (666) | | | 4,954 | 2030 | | | 3,949 | | | (359) | | | 3,590 | 2031 and Thereafter | | | 8,497 | | | (960) | | | 7,537 | Total | | $ | 69,984 | | $ | (4,441) | | $ | 65,543 |
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