REAL ESTATE ASSETS

6 Months Ended

Jun. 30, 2022

The following schedules present the cost and related accumulated depreciation or amortization (as applicable) of the Partnership’s real estate assets and intangible lease assets:


		As of
	Estimated Useful Lives	June 30, 2022		December 31, 2021
	(Years)	(In thousands)
Buildings	20-30	$	95,942	$	94,825
Tenant improvements	5-15	4,527		4,506
Land	N/A	964		964
Land improvements	5-15	531		531
Total real estate assets		101,964		100,826
Less: accumulated depreciation		(17,922)		(16,217)
Total investment in real estate, net		$	84,042	$	84,609


		As of
	Weighted Average Useful Lives	June 30, 2022		December 31, 2021
	(Months)	(In thousands)
In-place lease intangibles	45	$	11,762	$	11,645
Less: accumulated amortization		(9,686)		(9,520)
In-place lease intangibles, net		2,076		2,125

Above-market lease intangibles	45	3,623		3,623
Less: accumulated amortization		(2,274)		(2,098)
Above-market lease intangibles, net		1,349		1,525
Total intangible lease assets, net		$	3,425	$	3,650

Depreciation and amortization expense for real estate assets was $1.0 million and $1.1 million for the three months ended June 30, 2022 and 2021, respectively, and $1.9 million and $2.3 million for the six months ended June 30, 2022 and 2021, respectively.

The following table presents the Partnership’s estimated amortization expense related to lease intangibles for the periods indicated (in thousands):


Remainder of
2022		2023		2024		2025		2026		Thereafter
$	318	$	753	$	932	$	1,006	$	400	$	16

RATTLER MIDSTREAM LP 10-Q