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Intangible Assets and Liabilities (Tables)
9 Months Ended
Sep. 30, 2022
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets and Liabilities

The following tables summarize our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates thereof and for the periods set forth below.

 

 

As of

 

(Amounts in thousands)

September 30, 2022

 

 

December 31, 2021

 

Intangible assets:

 

 

 

 

 

Gross amount

$

337,104

 

 

$

371,555

 

Accumulated amortization

 

(239,733

)

 

 

(252,142

)

 

$

97,371

 

 

$

119,413

 

Intangible liabilities:

 

 

 

 

 

Gross amount

$

138,726

 

 

$

151,118

 

Accumulated amortization

 

(99,689

)

 

 

(105,790

)

 

$

39,037

 

 

$

45,328

 

 

 

 

For the Three Months Ended

 

 

For the Nine Months Ended

 

 

September 30,

 

 

September 30,

 

(Amounts in thousands)

2022

 

 

2021

 

 

2022

 

 

2021

 

Amortization of above and below-market leases, net
   (component of "rental revenue")

$

(84

)

 

$

722

 

 

$

589

 

 

$

2,335

 

Amortization of acquired in-place leases
   (component of "depreciation and amortization")

 

5,401

 

 

 

6,413

 

 

 

16,344

 

 

 

20,183

 

Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases

The following table sets forth amortization of acquired above and below-market leases, net and amortization of acquired in-place leases for each of the five succeeding years commencing from January 1, 2023.

 

(Amounts in thousands)
For the Year Ending December 31,

 

Above and
Below-Market
 Leases, Net

 

 

In-Place Leases

 

2023

 

$

5,151

 

 

$

17,705

 

2024

 

 

6,091

 

 

 

14,248

 

2025

 

 

4,745

 

 

 

10,451

 

2026

 

 

2,872

 

 

 

7,896

 

2027

 

 

2,560

 

 

 

7,252