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Lease Intangibles (Tables) | 3 Months Ended
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Mar. 31, 2023
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 sheets and summarized as follows (in thousands):
|  | March 31, 2023 |  |  | December 31, 2022 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Amortizable Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-place lease intangible assets |  | $ | 301,556 |  |  | $ | (213,228 | ) |  | $ | 88,328 |  |  | $ | 301,556 |  |  | $ | (205,951 | ) |  | $ | 95,605 |
Above-market rent |  |  | 24,064 |  |  |  | (17,792 | ) |  |  | 6,272 |  |  |  | 24,064 |  |  |  | (17,295 | ) |  |  | 6,769 |
|  | $ | 325,620 |  |  | $ | (231,020 | ) |  | $ | 94,600 |  |  | $ | 325,620 |  |  | $ | (223,246 | ) |  | $ | 102,374 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (176,253 | ) |  | $ | 100,271 |  |  | $ | (75,982 | ) |  | $ | (176,253 | ) |  | $ | 98,182 |  |  | $ | (78,071 | )
Above-market ground lease |  |  | (671 | ) |  |  | 340 |  |  |  | (331 | ) |  |  | (671 | ) |  |  | 326 |  |  |  | (345 | )
|  | $ | (176,924 | ) |  | $ | 100,611 |  |  | $ | (76,313 | ) |  | $ | (176,924 | ) |  | $ | 98,508 |  |  | $ | (78,416 | )
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, 2023 is as follows (in thousands):
Years Ending December 31, |  | Net Increase in Lease Revenues |  |  | Increase to Amortization |  |  | Reduction of Rent Expense |  |  | Net (Expense) Income |
2023 (Remainder) |  | $ | 4,277 |  |  | $ | (17,964 | ) |  | $ | 44 |  |  | $ | (13,643 | )
2024 |  |  | 5,565 |  |  |  | (17,995 | ) |  |  | 58 |  |  |  | (12,372 | )
2025 |  |  | 5,140 |  |  |  | (13,059 | ) |  |  | 58 |  |  |  | (7,861 | )
2026 |  |  | 4,900 |  |  |  | (10,658 | ) |  |  | 58 |  |  |  | (5,700 | )
2027 |  |  | 4,736 |  |  |  | (8,457 | ) |  |  | 58 |  |  |  | (3,663 | )
Thereafter |  |  | 45,092 |  |  |  | (20,195 | ) |  |  | 55 |  |  |  | 24,952 |
Total |  | $ | 69,710 |  |  | $ | (88,328 | ) |  | $ | 331 |  |  | $ | (18,287 | )

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