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Lease Intangibles | 3 Months Ended
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Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract] |
Lease Intangibles | 6. Lease Intangibles Upon acquisitions of real estate (Note 2), the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. Intangible assets and liabilities are included in Other assets and Accounts payable and other liabilities (Note 5) on the consolidated balance sheet and summarized as follows (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Amortizable Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-place lease intangible assets |  | $ | 265,722 |  |  | $ | (178,279 | ) |  | $ | 87,443 |  |  | $ | 268,335 |  |  | $ | (171,856 | ) |  | $ | 96,479 |
Above-market rent |  |  | 19,188 |  |  |  | (15,260 | ) |  |  | 3,928 |  |  |  | 19,188 |  |  |  | (14,935 | ) |  |  | 4,253 |
|  | $ | 284,910 |  |  | $ | (193,539 | ) |  | $ | 91,371 |  |  | $ | 287,523 |  |  | $ | (186,791 | ) |  | $ | 100,732 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (160,388 | ) |  | $ | 89,812 |  |  | $ | (70,576 | ) |  | $ | (164,923 | ) |  | $ | 88,951 |  |  | $ | (75,972 | )
Above-market ground lease |  |  | (671 | ) |  |  | 224 |  |  |  | (447 | ) |  |  | (671 | ) |  |  | 209 |  |  |  | (462 | )
|  | $ | (161,059 | ) |  | $ | 90,036 |  |  | $ | (71,023 | ) |  | $ | (165,594 | ) |  | $ | 89,160 |  |  | $ | (76,434 | )
During the three months ended March 31, 2021, the Company did not acquire or assume any intangible assets or liabilities. During the year ended December 31, 2020, the Company acquired in-place lease intangible assets of $21.0 million, above-market rents of $2.0 million, and below-market rents of $4.6 million with weighted-average useful lives of 4.9, 5.8, and 20.2 years, respectively. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of operations. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of operations. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of March 31, 2021 is as follows (in thousands):
Years Ending December 31, |  | Net Increase in Lease Revenues |  |  | Increase to Amortization |  |  | Reduction of Rent Expense |  |  | Net (Expense) Income |
2021 (Remainder) |  | $ | 4,923 |  |  | $ | (17,375 | ) |  | $ | 44 |  |  | $ | (12,408 | )
2022 |  |  | 5,944 |  |  |  | (17,869 | ) |  |  | 58 |  |  |  | (11,867 | )
2023 |  |  | 5,476 |  |  |  | (13,239 | ) |  |  | 58 |  |  |  | (7,705 | )
2024 |  |  | 5,126 |  |  |  | (9,297 | ) |  |  | 58 |  |  |  | (4,113 | )
2025 |  |  | 4,459 |  |  |  | (6,939 | ) |  |  | 58 |  |  |  | (2,422 | )
Thereafter |  |  | 40,720 |  |  |  | (22,724 | ) |  |  | 171 |  |  |  | 18,167 |
Total |  | $ | 66,648 |  |  | $ | (87,443 | ) |  | $ | 447 |  |  | $ | (20,348 | )

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- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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