XML 43 R34.htm IDEA: XBRL DOCUMENT
v3.25.2

Lease Intangibles (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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):
|  | June 30, 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 |  | $ | 396,856 |  |  | $ | (273,567 | ) |  |  | 123,289 |  |  | $ | 336,660 |  |  | $ | (255,899 | ) |  | $ | 80,761 |
Above-market rent |  |  | 29,850 |  |  |  | (21,567 | ) |  |  | 8,283 |  |  |  | 26,432 |  |  |  | (20,340 | ) |  |  | 6,092 |
|  | $ | 426,706 |  |  | $ | (295,134 | ) |  | $ | 131,572 |  |  | $ | 363,092 |  |  | $ | (276,239 | ) |  | $ | 86,853 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (223,168 | ) |  | $ | 124,391 |  |  | $ | (98,777 | ) |  | $ | (196,239 | ) |  | $ | 118,933 |  |  | $ | (77,306 | )
Above-market ground lease |  |  | (671 | ) |  |  | 472 |  |  |  | (199 | ) |  |  | (671 | ) |  |  | 443 |  |  |  | (228 | )
|  | $ | (223,839 | ) |  | $ | 124,863 |  |  | $ | (98,976 | ) |  | $ | (196,910 | ) |  | $ | 119,376 |  |  | $ | (77,534 | )
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The following table summarizes the scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2025 (in thousands):
Years Ending December 31, |  | Net Increase in Rental Revenues |  |  | Increase to Amortization Expense |  |  | Reduction of Property Operating Expense |
2025 (Remainder) |  | $ | 3,926 |  |  | $ | (16,826 | ) |  | $ | 29 |
2026 |  |  | 7,624 |  |  |  | (28,245 | ) |  |  | 58 |
2027 |  |  | 7,181 |  |  |  | (21,379 | ) |  |  | 58 |
2028 |  |  | 7,416 |  |  |  | (15,360 | ) |  |  | 54 |
2029 |  |  | 7,334 |  |  |  | (10,682 | ) |  |  | — |
Thereafter |  |  | 57,013 |  |  |  | (30,797 | ) |  |  | — |
Total |  | $ | 90,494 |  |  | $ | (123,289 | ) |  | $ | 199 |

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 Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration