| 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 |
|
|