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Real Estate and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Schedule of Components of Investments in Real Estate | The following table sets forth the components of our investments in real estate as of March 31, 2024 and December 31, 2023, respectively, excluding real estate held for sale as of March 31, 2024 and December 31, 2023 (dollars in thousands):
|  | March 31, 2024 |  | December 31, 2023
Real estate: |  |  |  |
Land (1) |  | $ | 140,873 |  |  | $ | 143,442 |
Building and improvements |  | 1,013,348 |  |  | 1,020,661 |
Tenant improvements |  | 55,711 |  |  | 57,261 |
Accumulated depreciation |  | (304,000) |  |  | (299,662) |
Real estate, net |  | $ | 905,932 |  |  | $ | 921,702 |
(1)This amount includes $4,436 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.
Schedule of Future Lease Payments From Tenants | Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the nine months ending December 31, 2024 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
Nine Months Ending December 31, 2024 | $ | 85,646 |
2025 | 112,521 |
2026 | 106,922 |
2027 | 91,632 |
2028 | 78,866 |
2029 | 70,194 |
Thereafter | 330,221 |
Schedule of Lease Revenue | The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2024 and 2023, respectively (dollars in thousands):
|  | For the three months ended March 31,
Lease revenue reconciliation |  | 2024 |  | 2023 |  | $ Change |  | % Change
Fixed lease payments |  | $ | 31,789 |  |  | $ | 32,141 |  |  | $ | (352) |  |  | (1.1) | %
Variable lease payments |  | 3,932 |  |  | 4,413 |  |  | (481) |  |  | (10.9) | %
|  | $ | 35,721 |  |  | $ | 36,554 |  |  | $ | (833) |  |  | (2.3) | %
Schedule of Carrying Value of Intangible Assets and Accumulated Amortization | The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of March 31, 2024 and December 31, 2023, respectively, excluding real estate held for sale as of March 31, 2024 and December 31, 2023 (dollars in thousands):
|  | March 31, 2024 |  | December 31, 2023
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 95,661 |  |  | $ | (61,765) |  |  | $ | 98,615 |  |  | $ | (63,269) |
Leasing costs |  | 83,850 |  |  | (46,253) |  |  | 84,844 |  |  | (46,096) |
Customer relationships |  | 61,274 |  |  | (35,104) |  |  | 63,185 |  |  | (36,231) |
|  | $ | 240,785 |  |  | $ | (143,122) |  |  | $ | 246,644 |  |  | $ | (145,596) |
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 12,747 |  |  | $ | (10,235) |  |  | $ | 13,431 |  |  | $ | (10,675) |
Below market leases and deferred revenue |  | (59,326) |  |  | 31,775 |  |  | (59,411) |  |  | 30,087 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4 + Details
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- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479773/842-30-50-12 + Details
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