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Lease Intangibles (Tables) | 9 Months Ended
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Sep. 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):
|  | 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 | )
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 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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