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Lease Intangibles | 9 Months Ended
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Sep. 30, 2025
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):
|  | September 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 |  | $ | 409,404 |  |  | $ | (281,927 | ) |  |  | 127,477 |  |  | $ | 336,660 |  |  | $ | (255,899 | ) |  | $ | 80,761 |
Above-market rent |  |  | 32,936 |  |  |  | (22,237 | ) |  |  | 10,699 |  |  |  | 26,432 |  |  |  | (20,340 | ) |  |  | 6,092 |
|  | $ | 442,340 |  |  | $ | (304,164 | ) |  | $ | 138,176 |  |  | $ | 363,092 |  |  | $ | (276,239 | ) |  | $ | 86,853 |
Amortizable Intangible Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Below-market rent |  | $ | (226,102 | ) |  | $ | 127,188 |  |  | $ | (98,914 | ) |  | $ | (196,239 | ) |  | $ | 118,933 |  |  | $ | (77,306 | )
Above-market ground lease |  |  | (671 | ) |  |  | 486 |  |  |  | (185 | ) |  |  | (671 | ) |  |  | 443 |  |  |  | (228 | )
|  | $ | (226,773 | ) |  | $ | 127,674 |  |  | $ | (99,099 | ) |  | $ | (196,910 | ) |  | $ | 119,376 |  |  | $ | (77,534 | )
During the nine months ended September 30, 2025, the Company: • acquired in-place lease intangibles of $73.8 million, above-market rent of $6.5 million, and below-market rent of $30.3 million with weighted-average useful lives of 6.2, 4.8, and 11.9 years, respectively (Note 2); • recorded accelerated amortization related to in-place lease intangible assets of $1.6 million related to early tenant lease terminations, of which the Company’s share was $1.5 million. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense in the Condensed Consolidated Statements of Operations. 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 is recorded as a reduction to rent expense on the Condensed Consolidated Statements of Operations. The following table summarizes the scheduled amortization of acquired lease intangible assets and assumed liabilities as of September 30, 2025 (in thousands):
Years Ending December 31, |  | Net Increase in Rental Revenues |  |  | Increase to Amortization Expense |  |  | Reduction of Property Operating Expense |
2025 (Remainder) |  | $ | 2,017 |  |  | $ | (8,800 | ) |  | $ | 15 |
2026 |  |  | 7,800 |  |  |  | (29,845 | ) |  |  | 58 |
2027 |  |  | 7,271 |  |  |  | (23,214 | ) |  |  | 58 |
2028 |  |  | 7,363 |  |  |  | (16,559 | ) |  |  | 54 |
2029 |  |  | 7,567 |  |  |  | (11,265 | ) |  |  | — |
Thereafter |  |  | 56,197 |  |  |  | (37,794 | ) |  |  | — |
Total |  | $ | 88,215 |  |  | $ | (127,477 | ) |  | $ | 185 |

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