Acquired Intangible Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

The following table summarizes the Company’s identified intangible assets and liabilities as of June 30, 2023 and December 31, 2022:

	June 30, 2023			December 31, 2022
Intangible assets:
Acquired in-place lease value	$	183,305		$	183,305
Acquired above market lease value		52,640			52,640
Accumulated amortization		(166,992	)		(158,984	)
Acquired lease intangibles, net	$	68,953		$	76,961
Intangible liabilities:
Acquired below market lease value	$	79,914		$	79,914
Accumulated amortization		(40,792	)		(36,575	)
Acquired below market lease intangibles, net	$	39,122		$	43,339

Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values

Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below:

	Three Months Ended June 30,						Six Months Ended  June 30,
	2023			2022			2023			2022
Amortization recorded as amortization expense:
Acquired in-place lease value	$	3,260		$	2,790		$	6,212		$	4,959
Amortization recorded as a (reduction) increase to rental income:
Acquired above market leases	$	(894	)	$	(833	)	$	(1,796	)	$	(1,544	)
Acquired below market leases		3,239			1,196			4,217			2,073
Net rental income increase	$	2,345		$	363		$	2,421		$	529

Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities

Estimated amortization of the respective intangible lease assets and liabilities as of June 30, 2023 for each of the five succeeding years and thereafter is as follows:

	Acquired In-Place Leases		Above Market Leases		Below Market Leases
2023 (remainder of year)	$	5,205	$	1,766	$	1,701
2024		9,168		3,323		3,301
2025		6,772		2,937		3,065
2026		5,041		2,510		2,926
2027		3,609		1,860		2,724
Thereafter		16,609		10,153		25,405
Total	$	46,404	$	22,549	$	39,122