| 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 |
|
|