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Lease Intangibles (Tables) | 3 Months Ended
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Mar. 31, 2025
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):
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Amortizable Intangible Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-place lease intangible assets |  | $ | 379,772 |  |  | $ | (265,419 | ) |  | $ | 114,353 |  |  | $ | 336,660 |  |  | $ | (255,899 | ) |  | $ | 80,761 |
Above-market rent |  |  | 29,809 |  |  |  | (20,855 | ) |  |  | 8,954 |  |  |  | 26,432 |  |  |  | (20,340 | ) |  |  | 6,092 |
|  | $ | 409,581 |  |  | $ | (286,274 | ) |  | $ | 123,307 |  |  | $ | 363,092 |  |  | $ | (276,239 | ) |  | $ | 86,853 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (219,774 | ) |  | $ | 121,631 |  |  | $ | (98,143 | ) |  | $ | (196,239 | ) |  | $ | 118,933 |  |  | $ | (77,306 | )
Above-market ground lease |  |  | (671 | ) |  |  | 458 |  |  |  | (213 | ) |  |  | (671 | ) |  |  | 443 |  |  |  | (228 | )
|  | $ | (220,445 | ) |  | $ | 122,089 |  |  | $ | (98,356 | ) |  | $ | (196,910 | ) |  | $ | 119,376 |  |  | $ | (77,534 | )
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of March 31, 2025 is as follows (in thousands):
Years Ending December 31, |  | Net Increase in Rental Revenues |  |  | Increase to Amortization Expense |  |  | Reduction of Property Operating Expense |
2025 (remainder) |  | $ | 3,072 |  |  | $ | (25,348 | ) |  | $ | 44 |
2026 |  |  | 5,729 |  |  |  | (26,333 | ) |  |  | 58 |
2027 |  |  | 5,493 |  |  |  | (19,424 | ) |  |  | 58 |
2028 |  |  | 5,739 |  |  |  | (13,152 | ) |  |  | 53 |
2029 |  |  | 5,710 |  |  |  | (8,723 | ) |  |  | — |
Thereafter |  |  | 63,446 |  |  |  | (21,373 | ) |  |  | — |
Total |  | $ | 89,189 |  |  | $ | (114,353 | ) |  | $ | 213 |

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