Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2023

Acquired Lease Intangibles

The Company had the following acquired lease intangibles as of the periods set forth below:


	December 31,
(in thousands)	2023			2022
In-place leases	$	543,892			452,868
Above-market leases		103,896			82,930
Total intangible assets		647,788			535,798
Accumulated amortization		(364,413	)		(338,053	)
Acquired lease intangible assets, net	$	283,375			197,745
Below-market leases		609,369			547,519
Accumulated amortization		(211,067	)		(193,315	)
Acquired lease intangible liabilities, net	$	398,302			354,204

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:


	Year ended December 31,
(in thousands)	2023		2022		2021		Line item in Consolidated Statements of Operations
In-place lease amortization	$	44,102		34,568		33,621	Depreciation and amortization
Above-market lease amortization		6,571		5,828		5,487	Lease income
Acquired lease intangible asset amortization	$	50,673		40,396		39,108

Below-market lease amortization	$	37,831		28,642		30,378	Lease income

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:


(in thousands)
In Process Year Ending December 31,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2024	$	45,098		22,598
2025		33,012		21,953
2026		26,791		21,216
2027		21,185		20,207
2028		16,764		20,065