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Lease Intangibles (Tables) | 9 Months Ended
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Sep. 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):
|  | September 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 |  | $ | 326,605 |  |  | $ | (249,354 | ) |  | $ | 77,251 |  |  | $ | 327,484 |  |  | $ | (234,808 | ) |  | $ | 92,676 |
Above-market rent |  |  | 26,432 |  |  |  | (19,882 | ) |  |  | 6,550 |  |  |  | 27,294 |  |  |  | (19,376 | ) |  |  | 7,918 |
|  | $ | 353,037 |  |  | $ | (269,236 | ) |  | $ | 83,801 |  |  | $ | 354,778 |  |  | $ | (254,184 | ) |  | $ | 100,594 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (184,457 | ) |  | $ | 116,689 |  |  | $ | (67,768 | ) |  | $ | (188,098 | ) |  | $ | 114,393 |  |  | $ | (73,705 | )
Above-market ground lease |  |  | (671 | ) |  |  | 428 |  |  |  | (243 | ) |  |  | (671 | ) |  |  | 382 |  |  |  | (289 | )
|  | $ | (185,128 | ) |  | $ | 117,117 |  |  | $ | (68,011 | ) |  | $ | (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 September 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) |  | $ | 1,192 |  |  | $ | (5,537 | ) |  | $ | 15 |
2025 |  |  | 4,498 |  |  |  | (18,490 | ) |  |  | 58 |
2026 |  |  | 4,436 |  |  |  | (15,080 | ) |  |  | 58 |
2027 |  |  | 4,370 |  |  |  | (11,713 | ) |  |  | 58 |
2028 |  |  | 4,444 |  |  |  | (7,473 | ) |  |  | 54 |
Thereafter |  |  | 42,278 |  |  |  | (18,958 | ) |  |  | — |
Total |  | $ | 61,218 |  |  | $ | (77,251 | ) |  | $ | 243 |

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