Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2024

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2024 (in thousands):


	December 31, 2024
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	210,593	$	122,527	$	88,066
Above-market lease assets	7,810		6,138		1,672
Above/Below-market ground lease assets	5,075		1,223		3,852
Below-market lease liabilities	34,406		18,949		15,457

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

During the years ended December 31, 2024, 2023, and 2022, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):


	Years Ended December 31,
	2024		2023		2022
Intangible lease assets
In-place lease assets	$	17,016	$	29,351	$	15,767
Above-market lease assets	404		577		641
Above/Below-market ground lease assets	138		138		138
Intangible lease liabilities
Below-market lease liabilities	1,689		3,324		2,395

As of December 31, 2024, 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 8.1 years, 4.8 years, 40.1 years and 10.5 years, respectively. As of December 31, 2024, the weighted-average remaining life of below-market lease renewal options was 8.6 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,
2025	$	1,877	$	13,106
2026	1,890		12,459
2027	1,752		11,619
2028	1,310		7,882
2029	1,278		7,440