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Lease Intangibles | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Lease Intangibles | 6. Lease Intangibles Upon acquisitions of real estate (Note 2), the Company assesses the relative fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. 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 | )
The Company did not have any acquisitions of real estate or acquired lease intangibles. During the six months ended June 30, 2024, the Company: • recorded accelerated amortization related to below-market rent of $0.2 million and in-place lease intangible assets of $0.5 million, of which the Company's share was $0.2 million and $0.4 million, respectively, related to early tenant lease terminations; and • derecognized below-market rent of $0.7 million, of which the Company's share was $0.6 million, related to disposed properties (Note 2). 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, in the Condensed Consolidated Statements of Operations. Amortization of above-market ground leases are recorded as a reduction to rent expense in the Condensed Consolidated Statements of Operations. 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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