Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities Relating to Amortization

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

Schedule of Amortization of Intangible Lease Assets and Liabilities

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.

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

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