v3.22.2.2

Intangible Assets and Liabilities (Tables) | 9 Months Ended
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Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets and Liabilities Relating to Amortization | The following is a summary of intangible assets and liabilities and related accumulated amortization:
(in thousands) |  | September 30, 2022 |  |  | December 31, 2021 |
Lease intangibles: |  |  |  |  |  |
Acquired above-market leases |  | $ | 45,749 |  |  | $ | 47,147 |
Less accumulated amortization |  |  | (17,742 | ) |  |  | (16,807 | )
Acquired above-market leases, net |  |  | 28,007 |  |  |  | 30,340 |
Acquired in-place leases |  |  | 421,773 |  |  |  | 380,766 |
Less accumulated amortization |  |  | (127,466 | ) |  |  | (107,464 | )
Acquired in-place leases, net |  |  | 294,307 |  |  |  | 273,302 |
Total intangible lease assets, net |  | $ | 322,314 |  |  | $ | 303,642 |
Acquired below-market leases |  | $ | 105,293 |  |  | $ | 105,310 |
Less accumulated amortization |  |  | (40,322 | ) |  |  | (34,714 | )
Intangible lease liabilities, net |  | $ | 64,971 |  |  | $ | 70,596 |
Leasing fees |  | $ | 14,465 |  |  | $ | 14,786 |
Less accumulated amortization |  |  | (5,713 | ) |  |  | (5,145 | )
Leasing fees, net |  | $ | 8,752 |  |  | $ | 9,641 |
Schedule of Amortization of Intangible Lease Assets and Liabilities | 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 |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Acquired in-place leases and leasing fees |  | Depreciation and amortization |  | $ | 10,224 |  |  | $ | 11,424 |  |  | $ | 25,574 |  |  | $ | 25,429 |
Above-market and below-market leases |  | Lease revenues, net |  |  | 1,180 |  |  |  | 944 |  |  |  | 3,511 |  |  |  | 2,362 |
For the three and nine months ended September 30, 2022 and 2021, amortization expense includes $2.3 million and $3.8 million of accelerated amortization resulting from early lease terminations, respectively.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization of intangible assets and liabilities at September 30, 2022 is as follows:
(in thousands) |  |  |
Remainder of 2022 |  | $ | 6,865 |
2023 |  |  | 27,239 |
2024 |  |  | 26,430 |
2025 |  |  | 25,134 |
2026 |  |  | 23,783 |
Thereafter |  |  | 156,644 |
|  | $ | 266,095 |

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