XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Lease Intangibles | 12 Months Ended
--- | ---
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Lease Intangibles | 6. Lease Intangibles Intangible assets and liabilities are included in Other assets and Accounts payable and other liabilities (Note 5) on the Consolidated Balance Sheets and summarized as follows (in thousands):
|  | December 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 |  | $ | 327,484 |  |  | $ | (234,808 | ) |  | $ | 92,676 |  |  | $ | 301,556 |  |  | $ | (205,951 | ) |  | $ | 95,605 |
Above-market rent |  |  | 27,294 |  |  |  | (19,376 | ) |  |  | 7,918 |  |  |  | 24,064 |  |  |  | (17,295 | ) |  |  | 6,769 |
|  | $ | 354,778 |  |  | $ | (254,184 | ) |  | $ | 100,594 |  |  | $ | 325,620 |  |  | $ | (223,246 | ) |  | $ | 102,374 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (188,098 | ) |  | $ | 114,393 |  |  | $ | (73,705 | ) |  | $ | (176,253 | ) |  | $ | 98,182 |  |  | $ | (78,071 | )
Above-market ground lease |  |  | (671 | ) |  |  | 382 |  |  |  | (289 | ) |  |  | (671 | ) |  |  | 326 |  |  |  | (345 | )
|  | $ | (188,769 | ) |  | $ | 114,775 |  |  | $ | (73,994 | ) |  | $ | (176,924 | ) |  | $ | 98,508 |  |  | $ | (78,416 | )
During the year ended December 31, 2023, the Company: • acquired in-place lease intangibles of $25.9 million, above-market rent of $3.2 million, and below-market rent of $11.8 million with weighted-average useful lives of 5.7, 7.1, and 21.1 years, respectively (Note 2); • recorded accelerated amortization related to in-place lease intangible assets of $3.2 million and below-market rent of $8.8 million, of which the Company's share was $2.8 million and $8.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. During the year ended December 31, 2022, the Company: • acquired in-place lease intangible assets of $28.2 million, above-market rent of $0.8 million, and below-market rent of $14.1 million with weighted-average useful lives of 6.4, 6.9, and 11.4 years, respectively (Note 2); • derecognized in-place lease intangible assets of $1.5 million and below-market rent of $2.1 million, of which the Company's share was $0.5 million and $0.5 million, respectively, related to disposed properties (Note 2); and • recorded accelerated amortization related to in-place lease intangible assets of $0.2 million and below-market rent of $5.5 million, of which the Company's share was $0.1 million and $5.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. 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, on the Consolidated Statements of Operations. Amortization of above-market ground leases are recorded as a reduction to rent expense on the Consolidated Statements of Operations. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2023 is as follows (in thousands):
Years Ending December 31, |  | Net Increase in Rental Revenues |  |  | Increase to Amortization Expense |  |  | Reduction of Property Operating Expense |
2024 |  | $ | 5,157 |  |  | $ | (23,596 | ) |  | $ | 58 |
2025 |  |  | 4,752 |  |  |  | (17,912 | ) |  |  | 58 |
2026 |  |  | 4,522 |  |  |  | (14,435 | ) |  |  | 58 |
2027 |  |  | 4,452 |  |  |  | (11,159 | ) |  |  | 58 |
2028 |  |  | 4,536 |  |  |  | (7,299 | ) |  |  | 57 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration