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Intangible Assets and Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Intangible Assets and Liabilities | Intangible assets and liabilities consisted of the following (in thousands):
| March 31, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Assets: |  |  |  |  |  |  |  |  |  |  |
In-place leases | $ | 190,133 |  |  | $ | (48,667) |  |  | $ | 141,466 |  |  | $ | 181,564 |  |  | $ | (45,210) |  |  | $ | 136,354 |
Above-market leases | 21,635 |  |  | (4,749) |  |  | 16,886 |  |  | 21,661 |  |  | (4,361) |  |  | 17,300 |
Lease incentives | 8,577 |  |  | (1,422) |  |  | 7,155 |  |  | 8,996 |  |  | (1,296) |  |  | 7,700 |
Total intangible assets | $ | 220,345 |  |  | $ | (54,838) |  |  | $ | 165,507 |  |  | $ | 212,221 |  |  | $ | (50,867) |  |  | $ | 161,354 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Below-market leases | $ | 33,170 |  |  | $ | (8,531) |  |  | $ | 24,639 |  |  | $ | 33,196 |  |  | $ | (7,843) |  |  | $ | 25,353 |
Weighted Average Amortization Period for Intangible Assets and Liabilities | The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of March 31, 2024 and as of December 31, 2023 by category were as follows:
| Years Remaining
| March 31, 2024 |  | December 31, 2023
In-place leases | 8.9 |  | 8.8
Above-market leases | 12.0 |  | 12.2
Below-market leases | 10.7 |  | 10.9
Lease incentives | 10.8 |  | 11.1
Amortization of Intangible Assets and Liabilities | The following amounts in the accompanying condensed consolidated statements of operations and comprehensive income (loss) related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):
| Three Months Ended March 31,
| 2024 |  | 2023
Amortization: |  |  |
Amortization of in-place leases | $ | 4,875 |  |  | $ | 4,670 |
Amortization of assembled workforce | — |  |  | — |
| $ | 4,875 |  |  | $ | 4,670 |
Net adjustment to rental revenue: |  |  |
Above-market lease assets | (416) |  |  | (371) |
Below-market lease liabilities | 702 |  |  | 783 |
Lease incentives | (191) |  |  | (199) |
| $ | 95 |  |  | $ | 213 |
Projected Amortization of Intangible Assets and Liabilities | 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 intangible assets and liabilities to rental revenue as of March 31, 2024, for the next five years and thereafter (in thousands):
| Remainder of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
In-place leases | $ | 15,531 |  |  | $ | 20,386 |  |  | $ | 19,153 |  |  | $ | 17,160 |  |  | $ | 14,356 |  |  | $ | 54,880 |  |  | $ | 141,466 |
Above-market lease assets | (1,241) |  |  | (1,655) |  |  | (1,632) |  |  | (1,568) |  |  | (1,523) |  |  | (9,267) |  |  | (16,886) |
Below-market lease liabilities | 2,098 |  |  | 2,776 |  |  | 2,686 |  |  | 2,615 |  |  | 2,483 |  |  | 11,981 |  |  | 24,639 |
Lease incentives | (564) |  |  | (752) |  |  | (752) |  |  | (696) |  |  | (666) |  |  | (3,725) |  |  | (7,155) |
Net adjustment to rental revenue | $ | 293 |  |  | $ | 369 |  |  | $ | 302 |  |  | $ | 351 |  |  | $ | 294 |  |  | $ | (1,011) |  |  | $ | 598 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | 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 intangible assets and liabilities to rental revenue as of March 31, 2024, for the next five years and thereafter (in thousands):
| Remainder of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
In-place leases | $ | 15,531 |  |  | $ | 20,386 |  |  | $ | 19,153 |  |  | $ | 17,160 |  |  | $ | 14,356 |  |  | $ | 54,880 |  |  | $ | 141,466 |
Above-market lease assets | (1,241) |  |  | (1,655) |  |  | (1,632) |  |  | (1,568) |  |  | (1,523) |  |  | (9,267) |  |  | (16,886) |
Below-market lease liabilities | 2,098 |  |  | 2,776 |  |  | 2,686 |  |  | 2,615 |  |  | 2,483 |  |  | 11,981 |  |  | 24,639 |
Lease incentives | (564) |  |  | (752) |  |  | (752) |  |  | (696) |  |  | (666) |  |  | (3,725) |  |  | (7,155) |
Net adjustment to rental revenue | $ | 293 |  |  | $ | 369 |  |  | $ | 302 |  |  | $ | 351 |  |  | $ | 294 |  |  | $ | (1,011) |  |  | $ | 598 |

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