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Lease Intangibles (Tables) | 6 Months Ended
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Jun. 30, 2024
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 Condensed Consolidated Balance Sheets and summarized as follows (in thousands):
|  | June 30, 2024 |  |  | December 31, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Amortizable Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-place lease intangible assets |  | $ | 323,051 |  |  | $ | (243,503 | ) |  | $ | 79,548 |  |  | $ | 327,484 |  |  | $ | (234,808 | ) |  | $ | 92,676 |
Above-market rent |  |  | 26,290 |  |  |  | (19,409 | ) |  |  | 6,881 |  |  |  | 27,294 |  |  |  | (19,376 | ) |  |  | 7,918 |
|  | $ | 349,341 |  |  | $ | (262,912 | ) |  | $ | 86,429 |  |  | $ | 354,778 |  |  | $ | (254,184 | ) |  | $ | 100,594 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (184,029 | ) |  | $ | 114,873 |  |  | $ | (69,156 | ) |  | $ | (188,098 | ) |  | $ | 114,393 |  |  | $ | (73,705 | )
Above-market ground lease |  |  | (671 | ) |  |  | 413 |  |  |  | (258 | ) |  |  | (671 | ) |  |  | 382 |  |  |  | (289 | )
|  | $ | (184,700 | ) |  | $ | 115,286 |  |  | $ | (69,414 | ) |  | $ | (188,769 | ) |  | $ | 114,775 |  |  | $ | (73,994 | )
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, 2024 is as follows (in thousands):
Years Ending December 31, |  | Net Increase in Rental Revenues |  |  | Increase to Amortization Expense |  |  | Reduction of Property Operating Expense |
2024 (Remainder) |  | $ | 2,408 |  |  | $ | (11,088 | ) |  | $ | 29 |
2025 |  |  | 4,496 |  |  |  | (17,774 | ) |  |  | 58 |
2026 |  |  | 4,446 |  |  |  | (14,335 | ) |  |  | 58 |
2027 |  |  | 4,388 |  |  |  | (11,066 | ) |  |  | 58 |
2028 |  |  | 4,472 |  |  |  | (7,206 | ) |  |  | 55 |

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