Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

Acquired Lease Intangibles

Intangible assets and liabilities as of December 31, 2021 and December 31, 2020 consisted of the following (in thousands):

	December 31,
	2021		2020
Assets:
In-place leases	$	67,644	$	69,178
Accumulated amortization	(27,764)		(30,061)
Above-market leases	21,632		21,851
Accumulated amortization	(11,373)		(10,858)
Acquired lease intangible assets, net	$	50,139	$	50,110
Liabilities:
Below-market leases	$	188,607	$	178,009
Accumulated amortization	(51,999)		(52,213)
Acquired lease intangible liabilities, net	$	136,608	$	125,796

For the years ended December 31, 2021, 2020 and 2019, the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above and below market leases was $8.8 million, $17.7 million and $15.6 million, respectively, which amounts are included in Rental revenue in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2021, 2020 and 2019, the amortization of in-place leases was $4.8 million, $7.7 million and $8.1 million, respectively, which amounts are included in Depreciation and amortization in the accompanying consolidated statements of operations and comprehensive income.

The scheduled future amortization of acquired lease intangible assets as of December 31, 2021 is as follows (in thousands):

Year Ending December 31:
2022	$	6,370
2023	5,690
2024	5,019
2025	4,384
2026	3,502
Thereafter	25,174
Total future amortization of acquired lease intangible assets	$	50,139

The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2021 is as follows (in thousands):

Year Ending December 31:
2022	$	10,624
2023	9,767
2024	9,557
2025	9,199
2026	8,887
Thereafter	88,574
Total future amortization of acquired lease intangible liabilities	$	136,608