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Lease Intangibles (Tables) | 3 Months Ended
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Mar. 31, 2022
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):
|  | March 31, 2022 |  |  | December 31, 2021 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Amortizable Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-place lease intangible assets |  | $ | 307,162 |  |  | $ | (193,941 | ) |  | $ | 113,221 |  |  | $ | 290,819 |  |  | $ | (189,981 | ) |  | $ | 100,838 |
Above-market rent |  |  | 24,584 |  |  |  | (16,357 | ) |  |  | 8,227 |  |  |  | 24,191 |  |  |  | (16,111 | ) |  |  | 8,080 |
|  | $ | 331,746 |  |  | $ | (210,298 | ) |  | $ | 121,448 |  |  | $ | 315,010 |  |  | $ | (206,092 | ) |  | $ | 108,918 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (179,108 | ) |  | $ | 95,703 |  |  | $ | (83,405 | ) |  | $ | (171,245 | ) |  | $ | 94,871 |  |  | $ | (76,374 | )
Above-market ground lease |  |  | (671 | ) |  |  | 282 |  |  |  | (389 | ) |  |  | (671 | ) |  |  | 267 |  |  |  | (404 | )
|  | $ | (179,779 | ) |  | $ | 95,985 |  |  | $ | (83,794 | ) |  | $ | (171,916 | ) |  | $ | 95,138 |  |  | $ | (76,778 | )
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of March 31, 2022 is as follows (in thousands):
Years Ending December 31, |  | Net Increase in Lease Revenues |  |  | Increase to Amortization |  |  | Reduction of Rent Expense |  |  | Net (Expense) Income |
2022 (Remainder) |  | $ | 4,294 |  |  | $ | (21,928 | ) |  | $ | 44 |  |  | $ | (17,590 | )
2023 |  |  | 5,427 |  |  |  | (23,144 | ) |  |  | 58 |  |  |  | (17,659 | )
2024 |  |  | 5,359 |  |  |  | (17,123 | ) |  |  | 58 |  |  |  | (11,706 | )
2025 |  |  | 4,937 |  |  |  | (12,372 | ) |  |  | 58 |  |  |  | (7,377 | )
2026 |  |  | 4,831 |  |  |  | (9,839 | ) |  |  | 58 |  |  |  | (4,950 | )
Thereafter |  |  | 50,330 |  |  |  | (28,815 | ) |  |  | 113 |  |  |  | 21,628 |
Total |  | $ | 75,178 |  |  | $ | (113,221 | ) |  | $ | 389 |  |  | $ | (37,654 | )

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