v3.24.3

Intangible Assets and Liabilities, and Leasing Fees (Tables) | 9 Months Ended
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Sep. 30, 2024
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 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 |
Schedule of Amortization of Intangible Lease Assets and Liabilities | 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 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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- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
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