v3.21.2

Intangible Assets And Liabilities | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Liabilities | 8. Intangible Assets and Liabilities The following is a summary of intangible assets and liabilities and related accumulated amortization:
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Lease intangibles: |  |  |  |  |  |
Acquired above-market leases |  | $ | 49,195 |  |  | $ | 54,616 |
Less accumulated amortization |  |  | (17,862 | ) |  |  | (18,928 | )
Acquired above-market leases, net |  |  | 31,333 |  |  |  | 35,688 |
Acquired in-place leases |  |  | 370,685 |  |  |  | 340,958 |
Less accumulated amortization |  |  | (100,972 | ) |  |  | (85,733 | )
Acquired in-place leases, net |  |  | 269,713 |  |  |  | 255,225 |
Total intangible lease assets, net |  | $ | 301,046 |  |  | $ | 290,913 |
Acquired below-market leases |  | $ | 105,334 |  |  | $ | 107,788 |
Less accumulated amortization |  |  | (32,837 | ) |  |  | (28,135 | )
Intangible lease liabilities, net |  | $ | 72,497 |  |  | $ | 79,653 |
Leasing fees |  | $ | 14,776 |  |  | $ | 15,462 |
Less accumulated amortization |  |  | (4,985 | ) |  |  | (4,724 | )
Leasing fees, net |  | $ | 9,791 |  |  | $ | 10,738 |
Amortization of intangible lease assets and liabilities was as follows:
(in thousands) |  |  |  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
Intangible |  | Financial Statement Presentation |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Acquired in-place leases and leasing fees |  | Depreciation and amortization |  | $ | 11,424 |  |  | $ | 8,026 |  |  | $ | 25,429 |  |  | $ | 32,060 |
Above-market and below-market leases |  | Lease revenues, net |  |  | 944 |  |  |  | (149 | ) |  |  | 2,362 |  |  |  | (25 | )
For the three and nine months ended September 30, 2021, amortization expense includes $3,757 of accelerated amortization resulting from early lease terminations. For the three and nine months ended September 30, 2020, amortization expense includes $2,459 and $14,517, of accelerated amortization resulting from early lease termination, respectively. Estimated future amortization of intangible assets and liabilities at September 30, 2021 is as follows:
(in thousands) |  |  |
Remainder of 2021 |  | $ | 6,482 |
2022 |  |  | 24,480 |
2023 |  |  | 24,168 |
2024 |  |  | 23,410 |
2025 |  |  | 22,113 |
Thereafter |  |  | 137,687 |
|  | $ | 238,340 |

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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