Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2022

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2022 (in thousands):


	December 31, 2022
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	180,598	$	79,320	$	101,278
Above-market lease assets	7,748		5,156		2,592
Above/Below-market ground lease assets	5,075		948		4,127


Below-market lease liabilities	32,355		13,937		18,418

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2021 (in thousands):


	December 31, 2021
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	126,528	$	67,486	$	59,042
Above-market lease assets	7,442		4,446		2,996
Above/Below-market ground lease assets	5,075		810		4,265


Below-market lease liabilities	30,798		11,542		19,256

During the years ended December 31, 2022, 2021, and 2020, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):


	Years Ended December 31,
	2022		2021		2020
Intangible lease assets
In-place lease assets	$	15,767	$	13,210	$	6,935
Above-market lease assets	641		595		300
Above/Below-market ground lease assets	138		144		213



Intangible lease liabilities
Below-market lease liabilities	2,395		2,148		1,119

As of December 31, 2022, the weighted-average remaining lives of in-place lease assets, above-market lease assets, above/below-market ground lease assets, and below-market lease liabilities were 9.8 years, 5.0 years, 42.2 years and 11.3 years, respectively. As of December 31, 2022, the weighted-average remaining life of below-market lease renewal options was 9.6 years.

Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands):


	Rental Revenues		Depreciation and Amortization
Year ending December 31,
2023	$	1,709	$	13,495
2024	1,712		11,592
2025	1,639		10,582
2026	1,646		9,898
2027	1,426		9,263