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Other Assets and Intangibles, net | 9 Months Ended
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Sep. 30, 2024
Other Assets [Abstract] |
Other Assets and Intangibles, net | 4. Other Assets and Intangibles, net Other assets, liabilities and intangibles consist of the following (in thousands):
| September 30, 2024 |
| Asset |  |  | Accumulated Amortization |  |  | Net |
Intangible assets, net: |  |  |  |  |  |  |  |
In-place leases | $ | 117,136 |  |  | $ | (70,500 | ) |  | $ | 46,636 |
Above-market leases |  | 8,018 |  |  |  | (5,408 | ) |  |  | 2,610 |
Lease origination costs |  | 18,824 |  |  |  | (8,476 | ) |  |  | 10,348 |
Tenant relationships |  | 24,544 |  |  |  | (20,769 | ) |  |  | 3,775 |
Below market ground lease (as lessee)(A) |  | 13,670 |  |  |  | (17 | ) |  |  | 13,653 |
Total intangible assets, net(B) |  | 182,192 |  |  |  | (105,170 | ) |  |  | 77,022 |
Operating lease ROU assets |  |  |  |  |  |  |  | 16,086 |
Other assets: |  |  |  |  |  |  |  |
Prepaid expenses(C) |  |  |  |  |  |  |  | 11,007 |
Other assets |  |  |  |  |  |  |  | 7,965 |
Deposits |  |  |  |  |  |  |  | 2,757 |
Total other assets, net |  |  |  |  |  |  | $ | 114,837 |
| Liability |  |  | Accumulated Amortization |  |  | Net |
Below-market leases | $ | 51,508 |  |  | $ | (12,779 | ) |  | $ | 38,729 |
(A) In connection with the sale of two assets in June 2024 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 $4.4 million and $5.5 million for the three months ended September 30, 2024 and 2023, respectively, and $13.6 million and $17.7 million for the nine months ended September 30, 2024 and 2023, respectively. (C) Includes $5.0 million of prepaid loan costs relating to a revolving line of credit and delayed-draw term loan facility for Curbline. The Company is obligated to pay such c osts under the Separation and Distribution Agreement (Note 1 0).
| 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(A) |  |  |  |  |  |  |  | 13,485 |
Prepaid expenses |  |  |  |  |  |  |  | 5,104 |
Swap receivables(B) |  |  |  |  |  |  |  | 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 |
(A) Fees related to a commitment obtained in October 2023 for a $1.1 billion mortgage facility to be secured by an originally identified group of 40 properties (the “Mortgage Commitment”). The fees paid to date related to the Mortgage Commitment were recorded as a deferred fee as the facility had not closed and therefore no amounts had been drawn. The Company terminated the Mortgage Commitment in August 2024 when it closed a separate $530.0 million mortgage financing on different terms (Note 5). At termination, when it became probable that the Mortgage Commitment would not be drawn upon, the remaining fees were expensed. For the three and nine months ended September 30, 2024, the Company wrote-off $10.9 million and $21.2 million, respectively, of fees relating to the Mortgage Commitment to Debt extinguishment costs on the Company’s Consolidated Statements of Operations. (B) Included cash flow hedge and derivative on unsecured notes (Note 6).

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