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Other Assets and Intangibles, net (Tables) | 6 Months Ended
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Jun. 30, 2024
Other Assets [Abstract] |
Components of Other assets, liabilities and intangibles | Other assets, liabilities and intangibles consist of the following (in thousands):
| June 30, 2024 |
| Asset |  |  | Accumulated Amortization |  |  | Net |
Intangible assets, net: |  |  |  |  |  |  |  |
In-place leases | $ | 156,406 |  |  | $ | (110,895 | ) |  | $ | 45,511 |
Above-market leases |  | 17,697 |  |  |  | (14,672 | ) |  |  | 3,025 |
Lease origination costs |  | 20,561 |  |  |  | (12,154 | ) |  |  | 8,407 |
Tenant relationships |  | 52,941 |  |  |  | (47,481 | ) |  |  | 5,460 |
Below market ground lease (as lessee)(A) |  | 13,670 |  |  |  | — |  |  |  | 13,670 |
Total intangible assets, net(B) |  | 261,275 |  |  |  | (185,202 | ) |  |  | 76,073 |
Operating lease ROU assets |  |  |  |  |  |  |  | 16,350 |
Other assets: |  |  |  |  |  |  |  |
Loan commitment fees(C) |  |  |  |  |  |  |  | 10,864 |
Prepaid expenses |  |  |  |  |  |  |  | 7,965 |
Swap receivables(D) |  |  |  |  |  |  |  | 8,637 |
Other assets |  |  |  |  |  |  |  | 3,323 |
Deposits |  |  |  |  |  |  |  | 2,690 |
Deferred charges, net |  |  |  |  |  |  |  | 4,231 |
Total other assets, net |  |  |  |  |  |  | $ | 130,133 |
| Liability |  |  | Accumulated Amortization |  |  | Net |
Below-market leases | $ | 60,369 |  |  | $ | (22,392 | ) |  | $ | 37,977 |
(A) In connection with the sale of two assets in June 20 24 to unrelated third parties, intercompany ground leases related to certain portions of land that had initial terms of 90-years and 99-years, respectively, with a fixed, prepaid rent of $1 were assumed by the buyers. Such intercompany ground leases were previously eliminated in consolidation and treated as a sale leaseback when the shopping centers were sold. The leased back land pertains to land underlying convenience assets that were retained by the company. Upon sale of the shopping centers, the Company recognized below-market ground lease assets of approximately $13.7 million. (B) The Company recorded amortization expense related to its intangibles, excluding above- and below-market leases, of $4.5 million and $5.9 million for the three months ended June 30, 2024 and 2023, respectively, and $9.2 million and $12.1 million for the six months ended June 30, 2024 and 2023, respectively. (C) Fees related to a commitment obtained in October 2023 for a lender to provide a $1.1 billion mortgage facility to be secured by an originally identified group of 40 properties (the “Mortgage Facility”). The fees paid to date related to the Mortgage Facility are recorded as a deferred fee as the facility has not closed and therefore no amounts have been drawn. The Company may proceed to close and draw all or a portion of the Mortgage Facility on any date prior to October 25, 2024, subject to the satisfaction of various closing conditions. Once amounts are drawn on the Mortgage Facility, the fees, including a funding fee to be paid at closing, will be classified as a contra asset to the borrowings and amortized over the life of the Mortgage Facility. If it becomes probable that the Mortgage Facility, or a portion of lender’s commitment with respect to the Mortgage Facility, will not be drawn upon, the fees paid to date, or a portion of the fees paid to date, will be expensed. For the three and six months ended June 30, 2024, the Company wrote-off $8.6 million and $9.3 million, respectively, of fees to Other Income (Expense), net, on the Company’s Consolidated Statements of Operations because the maximum amount available to be borrowed under the Mortgage Facility decreased to $554.8 million due to the release of 13 properties that were originally identified to serve as collateral for the Mortgage Facility. (D) Includes cash flow hedge and derivative on unsecured notes (Note 6).
| December 31, 2023 |
| Asset |  |  | Accumulated Amortization |  |  | Net |
Intangible assets, net: |  |  |  |  |  |  |  |
In-place leases | $ | 184,545 |  |  | $ | (134,263 | ) |  | $ | 50,282 |
Above-market leases |  | 22,220 |  |  |  | (18,627 | ) |  |  | 3,593 |
Lease origination costs |  | 22,903 |  |  |  | (14,654 | ) |  |  | 8,249 |
Tenant relationships |  | 79,758 |  |  |  | (72,892 | ) |  |  | 6,866 |
Total intangible assets, net |  | 309,426 |  |  |  | (240,436 | ) |  |  | 68,990 |
Operating lease ROU assets |  |  |  |  |  |  |  | 17,373 |
Other assets: |  |  |  |  |  |  |  |
Loan commitment fees |  |  |  |  |  |  |  | 13,485 |
Prepaid expenses |  |  |  |  |  |  |  | 5,104 |
Swap receivables |  |  |  |  |  |  |  | 11,115 |
Other assets |  |  |  |  |  |  |  | 2,294 |
Deposits |  |  |  |  |  |  |  | 2,857 |
Deferred charges, net |  |  |  |  |  |  |  | 5,325 |
Total other assets, net |  |  |  |  |  |  | $ | 126,543 |
| Liability |  |  | Accumulated Amortization |  |  | Net |
Below-market leases | $ | 81,487 |  |  | $ | (35,391 | ) |  | $ | 46,096 |

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