Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2024

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, 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

Schedule of Finite-Lived Intangible Assets

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

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,
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