| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
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 |
) |
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 |
|
|