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Intangible Assets and Liabilities | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
In-place leases | $ | 168,425 |  |  | $ | (36,499) |  |  | $ | 131,926 |  |  | $ | 154,876 |  |  | $ | (28,472) |  |  | $ | 126,404 |
Above-market leases | 21,508 |  |  | (3,601) |  |  | 17,907 |  |  | 20,091 |  |  | (2,892) |  |  | 17,199 |
Assembled workforce | 873 |  |  | (873) |  |  | — |  |  | 873 |  |  | (873) |  |  | — |
Lease incentives | 9,244 |  |  | (1,010) |  |  | 8,234 |  |  | 8,021 |  |  | (618) |  |  | 7,403 |
Total intangible assets | $ | 200,050 |  |  | $ | (41,983) |  |  | $ | 158,067 |  |  | $ | 183,861 |  |  | $ | (32,855) |  |  | $ | 151,006 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Below-market leases | $ | 34,027 |  |  | $ | (6,593) |  |  | $ | 27,434 |  |  | $ | 35,596 |  |  | $ | (5,465) |  |  | $ | 30,131 |
The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of June 30, 2023 and as of December 31, 2022 by category were as follows:
| Years Remaining
| June 30, 2023 |  | December 31, 2022
In-place leases | 9.2 |  | 9.4
Above-market leases | 12.8 |  | 13.0
Below-market leases | 11.4 |  | 11.6
Lease incentives | 11.4 |  | 11.8
The Company records amortization of in-place lease assets and assembled workforce intangible assets to amortization expense, and records net amortization of above-market and below-market lease intangibles as well as amortization of lease incentives to rental revenue. The following amounts in the accompanying condensed consolidated statements of operations and comprehensive income related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Amortization: |  |  |  |  |  |  |
Amortization of in-place leases | $ | 4,809 |  |  | $ | 3,734 |  |  | $ | 9,479 |  |  | $ | 7,288 |
Amortization of assembled workforce | — |  |  | 73 |  |  | — |  |  | 147 |
| $ | 4,809 |  |  | $ | 3,807 |  |  | $ | 9,479 |  |  | $ | 7,435 |
Net adjustment to rental revenue: |  |  |  |  |  |  |
Above-market lease assets | (391) |  |  | (333) |  |  | (762) |  |  | (660) |
Below-market lease liabilities | 768 |  |  | 627 |  |  | 1,551 |  |  | 1,237 |
Lease incentives | (193) |  |  | (128) |  |  | (392) |  |  | (246) |
| $ | 184 |  |  | $ | 166 |  |  | $ | 397 |  |  | $ | 331 |
The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangibles to rental revenue as of June 30, 2023, for the next five years and thereafter (in thousands):
| Remainder of 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
In-place leases | $ | 9,094 |  |  | $ | 18,035 |  |  | $ | 17,462 |  |  | $ | 16,233 |  |  | $ | 13,942 |  |  | $ | 57,160 |  |  | $ | 131,926 |
Above-market lease assets | $ | (785) |  |  | $ | (1,565) |  |  | $ | (1,564) |  |  | $ | (1,563) |  |  | $ | (1,535) |  |  | $ | (10,895) |  |  | $ | (17,907) |
Below-market lease liabilities | 1,434 |  |  | 2,857 |  |  | 2,835 |  |  | 2,743 |  |  | 2,671 |  |  | 14,894 |  |  | 27,434 |
Lease incentives | (396) |  |  | (793) |  |  | (793) |  |  | (793) |  |  | (743) |  |  | (4,716) |  |  | (8,234) |
Net adjustment to rental revenue | $ | 253 |  |  | $ | 499 |  |  | $ | 478 |  |  | $ | 387 |  |  | $ | 393 |  |  | $ | (717) |  |  | $ | 1,293 |

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