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Lease Intangibles (Tables) | 6 Months Ended
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Jun. 30, 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):
|  | June 30, 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 |  |  | $ | (221,245 | ) |  | $ | 80,311 |  |  | $ | 301,556 |  |  | $ | (205,951 | ) |  | $ | 95,605 |
Above-market rent |  |  | 24,064 |  |  |  | (18,255 | ) |  |  | 5,809 |  |  |  | 24,064 |  |  |  | (17,295 | ) |  |  | 6,769 |
|  | $ | 325,620 |  |  | $ | (239,500 | ) |  | $ | 86,120 |  |  | $ | 325,620 |  |  | $ | (223,246 | ) |  | $ | 102,374 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (176,253 | ) |  | $ | 110,216 |  |  | $ | (66,037 | ) |  | $ | (176,253 | ) |  | $ | 98,182 |  |  | $ | (78,071 | )
Above-market ground lease |  |  | (671 | ) |  |  | 353 |  |  |  | (318 | ) |  |  | (671 | ) |  |  | 326 |  |  |  | (345 | )
|  | $ | (176,924 | ) |  | $ | 110,569 |  |  | $ | (66,355 | ) |  | $ | (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 June 30, 2023 is as follows (in thousands):
Years Ending December 31, |  | Net Increase in Lease Revenues |  |  | Increase to Amortization |  |  | Reduction of Rent Expense |
2023 (Remainder) |  | $ | 2,580 |  |  | $ | (11,430 | ) |  | $ | 29 |
2024 |  |  | 5,024 |  |  |  | (17,636 | ) |  |  | 58 |
2025 |  |  | 4,599 |  |  |  | (12,713 | ) |  |  | 58 |
2026 |  |  | 4,359 |  |  |  | (10,312 | ) |  |  | 58 |
2027 |  |  | 4,195 |  |  |  | (8,111 | ) |  |  | 58 |
Thereafter |  |  | 39,471 |  |  |  | (20,109 | ) |  |  | 57 |
Total |  | $ | 60,228 |  |  | $ | (80,311 | ) |  | $ | 318 |

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