Company: INRE
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0000950170-25-033568
Chunk: 402

Company: Inland Real Estate Income Trust, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 8
Chunk 402
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,510

        Building and improvements

        192,722

        Acquired lease intangible assets

        33,285

        Acquired intangible liabilities

        (9,654
        )

        Assumed liabilities, net

        (983
        )

        Total
         
        $
        277,880

NOTE 5 – ACQUIRED INTANGIBLE ASSETS AND LIABILITIESThe following table summarizes the Company’s identified intangible assets and liabilities as of December 31, 2024 and 2023: 

        December 31, 2024

        December 31, 2023

        Intangible assets:

        Acquired in-place lease value
         
        $
        183,305

        $
        183,305

        Acquired above market lease value

        52,640

        52,640

        Accumulated amortization

        (186,893
        )

        (174,118
        )

        Acquired lease intangibles, net
         
        $
        49,052

        $
        61,827

        Intangible liabilities:

        Acquired below market lease value
         
        $
        79,914

        $
        79,914

        Accumulated amortization

        (45,858
        )

        (42,494
        )

        Acquired below market lease intangibles, net
         
        $
        34,056

        $
        37,420

      The portion of the purchase price allocated to acquired above market lease value and acquired below market lease value is amortized on a straight-line basis over the term of the related lease as an adjustment to rental income. For below market lease values, the amortization period includes any renewal periods with fixed rate renewals. The portion of the purchase price allocated to acquired in-place lease value is amortized on a straight-line basis over the acquired leases’ weighted average remaining term.

86

INLAND REAL ESTATE INCOME TRUST, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTSDecember 31, 2024(Dollar amounts in thousands, except per share amounts) 

Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below:

        Amortization recorded as amortization expense:
        2024
         
        2023
         
        2022

        Acquired in-place