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Deferred Leasing Costs and Acquisition-Related Intangible Assets and Liabilities, net (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Identified Deferred Leasing Costs and Acquisition-Related Intangible Assets
The following table summarizes our deferred leasing costs and acquisition-related intangible assets (acquired value of leasing costs, above-market operating leases, and in-place leases) and intangible liabilities (acquired value of below-market operating leases) as of December 31, 2024 and 2023:
December 31, 2024December 31, 2023
(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net (1):
Deferred leasing costs$303,541 $297,871 
Accumulated amortization(136,171)(122,680)
Deferred leasing costs, net167,370 175,191 
Above-market operating leases1,269 260 
Accumulated amortization(156)(70)
Above-market operating leases, net1,113 190 
In-place leases78,979 70,247 
Accumulated amortization(21,525)(15,923)
In-place leases, net57,454 54,324 
Total deferred leasing costs and acquisition-related intangible assets, net$225,937 $229,705 
Acquisition-related Intangible Liabilities, net: (2)
Below-market operating leases$38,413 $39,159 
Accumulated amortization(10,995)(8,402)
Below-market operating leases, net27,418 30,757 
Total acquisition-related intangible liabilities, net$27,418 $30,757 
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(1)Refer to Note 3 “Acquisitions” for a discussion of the acquisition-related intangible assets assumed in connection with our operating property acquisition in 2024.
(2)Included in deferred revenue and acquisition-related intangible liabilities, net in the consolidated balance sheets. Refer to Note 3 “Acquisitions” for a discussion of the acquisition-related intangible liabilities assumed in connection with our operating property acquisition in 2024.
Schedule of Amortization for the Period Related to Deferred Leasing Costs and Acquisition-Related Intangibles
The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the years ended December 31, 2024, 2023, and 2022.
Year Ended December 31,
202420232022
(in thousands)
Deferred leasing costs$34,135 $31,771 $31,059 
Above-market operating leases86 31 31 
In-place leases7,453 15,878 31,647 
Below-market operating leases(3,607)(6,679)(10,508)
Total$38,067 $41,001 $52,229 
Schedule of Estimated Annual Amortization Related to Deferred Leasing Costs and Acquisition-Related Intangibles
The following table sets forth the estimated annual amortization expense related to deferred leasing costs and acquisition-related intangibles as of December 31, 2024 for future periods:
Year EndingDeferred
Leasing Costs
Above-Market Operating Leases (1)
In-Place Leases
Below-Market Operating Leases (2)
(in thousands)
2025$30,699 $251 $9,057 $(3,627)
202626,910 251 8,528 (3,533)
202723,610 251 6,976 (3,144)
202821,514 251 6,912 (2,962)
202918,855 105 5,884 (2,727)
Thereafter45,782 4 20,097 (11,425)
Total$167,370 $1,113 $57,454 $(27,418)
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(1)Represents estimated annual amortization related to above-market operating leases. Amounts will be recorded as a decrease to rental income in the consolidated statements of operations.
(2)Represents estimated annual amortization related to below-market operating leases. Amounts will be recorded as an increase to rental income in the consolidated statements of operations.