Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Acquired Lease Intangibles

Schedule of the Company's Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2023 (in thousands):

	December 31, 2023
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	215,832	$	108,772	$	107,060
Above-market lease assets	7,810		5,733		2,077
Above/Below-market ground lease assets	5,075		1,085		3,990
Below-market lease liabilities	36,282		17,261		19,021

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

Schedule of Finite-Lived Intangible Assets

During the years ended December 31, 2023, 2022, and 2021, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Years Ended December 31,
	2023		2022		2021
Intangible lease assets
In-place lease assets	$	29,351	$	15,767	$	13,210
Above-market lease assets	577		641		595
Above/Below-market ground lease assets	138		138		144
Intangible lease liabilities
Below-market lease liabilities	3,324		2,395		2,148

Schedule of Estimated Amortization of Acquired Lease Intangibles

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,
2024	$	2,080	$	14,794
2025	2,007		13,766
2026	2,014		13,059
2027	1,866		12,183
2028	1,413		8,402