v3.24.3

Intangible Assets and Liabilities, and Leasing Fees | 9 Months Ended
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Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Liabilities, and Leasing Fees | 6. Intangible Assets and Liabilities, and Leasing Fees The following is a summary of intangible assets and liabilities, and leasing fees, and related accumulated amortization, excluding amounts classified as held for sale (see Note 2):
(in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Lease intangibles: |  |  |  |  |  |
Acquired above-market leases |  | $ | 40,086 |  |  | $ | 44,711 |
Less accumulated amortization |  |  | (18,110 | ) |  |  | (20,312 | )
Acquired above-market leases, net |  |  | 21,976 |  |  |  | 24,399 |
Acquired in-place leases |  |  | 411,624 |  |  |  | 416,206 |
Less accumulated amortization |  |  | (156,789 | ) |  |  | (152,379 | )
Acquired in-place leases, net |  |  | 254,835 |  |  |  | 263,827 |
Total intangible lease assets, net |  | $ | 276,811 |  |  | $ | 288,226 |
Acquired below-market leases |  | $ | 96,751 |  |  | $ | 98,535 |
Less accumulated amortization |  |  | (45,990 | ) |  |  | (45,004 | )
Intangible lease liabilities, net |  | $ | 50,761 |  |  | $ | 53,531 |
Leasing fees |  | $ | 19,234 |  |  | $ | 18,117 |
Less accumulated amortization |  |  | (6,418 | ) |  |  | (6,426 | )
Leasing fees, net |  | $ | 12,816 |  |  | $ | 11,691 |
Amortization of intangible lease assets and liabilities, and leasing fees was as follows:
(in thousands) |  |  |  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
Intangible |  | Financial Statement Presentation |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Acquired in-place leases and leasing fees |  | Depreciation and amortization |  | $ | 7,926 |  |  | $ | 7,866 |  |  | $ | 23,462 |  |  | $ | 26,455 |
Above-market and below-market leases |  | Lease revenues, net |  |  | 1,310 |  |  |  | 1,059 |  |  |  | 3,427 |  |  |  | 4,841 |
There was no accelerated amortization for the three and nine months ended September 30, 2024, and for the three months ended September 30, 2023. For the nine months ended September 30, 2023, amortization expense includes $0.9 million of accelerated amortization resulting from early lease terminations. Estimated future amortization of intangible assets and liabilities, and leasing fees at September 30, 2024 is as follows:
(in thousands) |  |  |
Remainder of 2024 |  | $ | 6,820 |
2025 |  |  | 26,676 |
2026 |  |  | 25,631 |
2027 |  |  | 23,768 |
2028 |  |  | 21,498 |
Thereafter |  |  | 134,473 |
|  | $ | 238,866 |

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