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Intangible Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2023
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 December 31,

 

(Amounts in thousands)

 

2023

 

 

2022

 

Intangible assets:

 

 

 

 

 

 

Gross amount

 

$

262,541

 

 

$

337,104

 

Accumulated amortization

 

 

(194,536

)

 

 

(246,723

)

 

 

$

68,005

 

 

$

90,381

 

Intangible liabilities:

 

 

 

 

 

 

Gross amount

 

$

136,820

 

 

$

138,726

 

Accumulated amortization

 

 

(108,817

)

 

 

(102,533

)

 

 

$

28,003

 

 

$

36,193

 

 

 

 

For the Year Ended December 31,

 

(Amounts in thousands)

2023

 

 

2022

 

 

2021

 

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

$

5,376

 

 

$

1,748

 

 

$

3,070

 

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

$

19,563

 

 

$

21,645

 

 

$

26,507

 

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 annual 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, 2024.

 

 

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

 

Above and Below-
Market Leases, Net

 

 

In-Place Leases

 

2024

 

$

5,862

 

 

$

14,631

 

2025

 

 

4,541

 

 

 

10,110

 

2026

 

 

2,711

 

 

 

7,501

 

2027

 

 

2,398

 

 

 

6,857

 

2028

 

 

2,318

 

 

 

6,778