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Other Assets and Intangibles, net (Tables) | 12 Months Ended
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Dec. 31, 2024
Other Assets [Abstract] |
Components of Other Assets and Intangibles | Other assets and intangibles consist of the following (in thousands):
| December 31, 2024 |
| Asset |  |  | Accumulated Amortization |  |  | Net |
Intangible assets, net: |  |  |  |  |  |  |  |
In-place leases | $ | 53,964 |  |  | $ | (45,641 | ) |  | $ | 8,323 |
Above-market leases |  | 3,855 |  |  |  | (3,492 | ) |  |  | 363 |
Lease origination costs |  | 5,732 |  |  |  | (4,884 | ) |  |  | 848 |
Tenant relationships |  | 23,894 |  |  |  | (20,487 | ) |  |  | 3,407 |
Total intangible assets, net |  | 87,445 |  |  |  | (74,504 | ) |  |  | 12,941 |
Operating lease ROU assets(A) |  |  |  |  |  |  |  | 15,818 |
Other assets: |  |  |  |  |  |  |  |
Prepaid expenses |  |  |  |  |  |  |  | 4,283 |
Other assets |  |  |  |  |  |  |  | 1,192 |
Deposits |  |  |  |  |  |  |  | 2,051 |
Total other assets, net |  |  |  |  |  |  | $ | 36,285 |
| Liability |  |  | Accumulated Amortization |  |  | Net |
Below-market leases(B) | $ | 16,034 |  |  | $ | (6,728 | ) |  | $ | 9,306 |
(A) Operating lease ROU assets are discussed further in Note 5. (B) Includes $1.2 million related to a below-market lease option for the Company’s Beachwood headquarters included in the Separation and Distribution Agreement with Curbline Properties.
| December 31, 2023 |
| Asset |  |  | Accumulated Amortization |  |  | Net |
Intangible assets, net: |  |  |  |  |  |  |  |
In-place leases | $ | 137,706 |  |  | $ | (113,986 | ) |  | $ | 23,720 |
Above-market leases |  | 18,762 |  |  |  | (16,921 | ) |  |  | 1,841 |
Lease origination costs |  | 14,355 |  |  |  | (11,976 | ) |  |  | 2,379 |
Tenant relationships |  | 79,107 |  |  |  | (72,387 | ) |  |  | 6,720 |
Total intangible assets, net |  | 249,930 |  |  |  | (215,270 | ) |  |  | 34,660 |
Operating lease ROU assets |  |  |  |  |  |  |  | 17,373 |
Other assets: |  |  |  |  |  |  |  |
Loan commitment fee(A) |  |  |  |  |  |  |  | 13,485 |
Prepaid expenses |  |  |  |  |  |  |  | 5,002 |
Swap receivables(B) |  |  |  |  |  |  |  | 11,115 |
Other assets |  |  |  |  |  |  |  | 2,294 |
Deposits |  |  |  |  |  |  |  | 2,543 |
Deferred charges, net |  |  |  |  |  |  |  | 5,325 |
Total other assets, net |  |  |  |  |  |  | $ | 91,797 |
| Liability |  |  | Accumulated Amortization |  |  | Net |
Below-market leases | $ | 55,594 |  |  | $ | (30,741 | ) |  | $ | 24,853 |
(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 6). At termination, when it became probable that the Mortgage Commitment would not be drawn upon, the remaining fees were expensed. For the year ended December 31, 2024, the Company wrote-off $21.2 million 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).
Summary of Amortization Expense Related to the Intangibles | Amortization expense related to the Company’s intangibles was as follows (in millions):
Year |  | Income |  |  | Expense |
2024 |  | $ | 1.4 |  |  | $ | 7.7 |
2023 |  |  | 11.7 |  |  |  | 14.6 |
2022 |  |  | 3.6 |  |  |  | 19.9 |
Summary of Estimated Net Future Amortization Associated with Above and Below-Market Leases | Estimated net future amortization associated with the Company’s intangibles is as follows (in millions):
Year |  | Income |  |  | Expense |
2025 |  | $ | 0.7 |  |  | $ | 2.7 |
2026 |  |  | 0.7 |  |  |  | 2.1 |
2027 |  |  | 0.7 |  |  |  | 1.4 |
2028 |  |  | 0.7 |  |  |  | 1.2 |
2029 |  |  | 0.7 |  |  |  | 1.1 |

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