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Intangible Assets, Liabilities, and Deferred Leasing Costs | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets, Liabilities, and Deferred Leasing Costs | Intangible Assets, Liabilities, and Deferred Leasing Costs The following table summarizes the Company's intangible assets, intangible liabilities, and deferred leasing costs:
| As of December 31
| 2024 |  | 2023
Intangible assets: |  |  |
In-place leases | $ | 216,175 |  |  | $ | 183,139 |
Above-market leases | 16,053 |  |  | 17,967 |
Intangible assets | 232,228 |  |  | 201,106 |
Accumulated amortization: |  |  |
In-place leases | (87,104) |  |  | (78,177) |
Above-market leases | (7,704) |  |  | (8,444) |
Accumulated amortization | (94,808) |  |  | (86,621) |
Intangible assets, net | $ | 137,420 |  |  | $ | 114,485 |
Intangible liabilities: |  |  |
Below-market leases | $ | 65,776 |  |  | $ | 52,412 |
Accumulated amortization | (22,879) |  |  | (22,068) |
Intangible liabilities, net | $ | 42,897 |  |  | $ | 30,344 |
Deferred leasing costs: |  |  |
Leasing costs | $ | 25,132 |  |  | $ | 22,621 |
Accumulated amortization | (8,993) |  |  | (7,626) |
Deferred leasing costs, net | $ | 16,139 |  |  | $ | 14,995 |
The following table summarizes the amortization related to intangible assets, intangible liabilities, and deferred leasing costs:
| Year ended December 31
| 2024 |  | 2023 |  | 2022
Intangible assets: |  |  |  |  |
In-place leases | $ | 28,133 |  |  | $ | 32,179 |  |  | $ | 20,993 |
Above-market leases | 2,452 |  |  | 2,977 |  |  | 2,018 |
Amortization of intangible assets | $ | 30,585 |  |  | $ | 35,156 |  |  | $ | 23,011 |
Intangible liabilities: |  |  |  |  |
Amortization of below-market leases | $ | 4,879 |  |  | $ | 5,976 |  |  | $ | 7,403 |
Deferred leasing costs: |  |  |  |  |
Amortization of deferred leasing costs | $ | 3,213 |  |  | $ | 2,691 |  |  | $ | 2,533 |
The following table summarizes the amortization during the next five years and thereafter related to intangible assets, intangible liabilities, and deferred leasing costs as of December 31, 2024:
Year ending December 31, |  | In-place leases |  | Above market leases |  | Below market leases |  | Deferred leasing costs
2025 |  | $ | 29,159 |  |  | $ | 2,143 |  |  | $ | 5,196 |  |  | $ | 2,630 |
2026 |  | 23,450 |  |  | 1,719 |  |  | 4,649 |  |  | 2,463 |
2027 |  | 17,375 |  |  | 1,273 |  |  | 3,722 |  |  | 2,203 |
2028 |  | 13,323 |  |  | 967 |  |  | 3,205 |  |  | 1,910 |
2029 |  | 9,426 |  |  | 616 |  |  | 2,894 |  |  | 1,631 |
Thereafter |  | 36,338 |  |  | 1,631 |  |  | 23,231 |  |  | 5,302 |
Total |  | $ | 129,071 |  |  | $ | 8,349 |  |  | $ | 42,897 |  |  | $ | 16,139 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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