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Lease Intangibles (Tables) | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities | Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities (Note 5) on the consolidated balance sheet and summarized as follows (in thousands):
|  | September 30, 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 |  | $ | 276,187 |  |  | $ | (185,871 | ) |  | $ | 90,316 |  |  | $ | 268,335 |  |  | $ | (171,856 | ) |  | $ | 96,479 |
Above-market rent |  |  | 21,071 |  |  |  | (15,869 | ) |  |  | 5,202 |  |  |  | 19,188 |  |  |  | (14,935 | ) |  |  | 4,253 |
|  | $ | 297,258 |  |  | $ | (201,740 | ) |  | $ | 95,518 |  |  | $ | 287,523 |  |  | $ | (186,791 | ) |  | $ | 100,732 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (170,555 | ) |  | $ | 92,960 |  |  | $ | (77,595 | ) |  | $ | (164,923 | ) |  | $ | 88,951 |  |  | $ | (75,972 | )
Above-market ground lease |  |  | (671 | ) |  |  | 254 |  |  |  | (417 | ) |  |  | (671 | ) |  |  | 209 |  |  |  | (462 | )
|  | $ | (171,226 | ) |  | $ | 93,214 |  |  | $ | (78,012 | ) |  | $ | (165,594 | ) |  | $ | 89,160 |  |  | $ | (76,434 | )
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of September 30, 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) |  | $ | 1,557 |  |  | $ | (6,494 | ) |  | $ | 15 |  |  | $ | (4,922 | )
2022 |  |  | 5,849 |  |  |  | (21,736 | ) |  |  | 58 |  |  |  | (15,829 | )
2023 |  |  | 5,404 |  |  |  | (16,515 | ) |  |  | 58 |  |  |  | (11,053 | )
2024 |  |  | 5,280 |  |  |  | (11,313 | ) |  |  | 58 |  |  |  | (5,975 | )
2025 |  |  | 4,807 |  |  |  | (8,021 | ) |  |  | 58 |  |  |  | (3,156 | )
Thereafter |  |  | 49,496 |  |  |  | (26,237 | ) |  |  | 170 |  |  |  | 23,429 |
Total |  | $ | 72,393 |  |  | $ | (90,316 | ) |  | $ | 417 |  |  | $ | (17,506 | )

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