Intangible Assets And Liabilities

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

. Intangible Assets and Liabilities

The following is a summary of intangible assets and liabilities and related accumulated amortization:


(in thousands)	March 31, 2023			December 31, 2022
Lease intangibles:
Acquired above-market leases	$	45,740		$	45,740
Less accumulated amortization		(19,138	)		(18,436	)
Acquired above-market leases, net		26,602			27,304
Acquired in-place leases		428,535			436,401
Less accumulated amortization		(137,659	)		(134,120	)
Acquired in-place leases, net		290,876			302,281
Total intangible lease assets, net	$	317,478		$	329,585
Acquired below-market leases	$	101,249		$	105,059
Less accumulated amortization		(41,890	)		(42,204	)
Intangible lease liabilities, net	$	59,359		$	62,855
Leasing fees	$	14,911		$	14,430
Less accumulated amortization		(6,145	)		(5,924	)
Leasing fees, net	$	8,766		$	8,506

Amortization of intangible lease assets and liabilities was as follows:


(in thousands)		For the Three Months Ended March 31,
Intangible	Financial Statement Presentation	2023		2022
Acquired in-place leases and leasing fees	Depreciation and amortization	$	10,588	$	7,601
Above-market and below-market leases	Lease revenues, net		2,694		1,161

For the three months ended March 31, 2023, amortization expense includes $0.9 million of accelerated amortization resulting from early lease terminations. There was no accelerated amortization for the three months ended March 31, 2022.

Estimated future amortization of intangible assets and liabilities at March 31, 2023 is as follows:


(in thousands)
Remainder of 2023	$	20,694
2024		26,913
2025		25,781
2026		24,619
2027		22,876
Thereafter		146,002
	$	266,885