Real Estate and Intangibles (Tables)

12 Months Ended

Dec. 31, 2024

Real Estate [Abstract]

Fair Values of Assets Acquired and Liabilities Assumed

We allocated the aggregate purchase price of these acquisitions based on the estimated fair values of the acquired assets and assumed liabilities as follows (amounts in thousands):

	December 31, 2024			December 31, 2023
Real estate
Land	$	41,591		$	8,407
Building		104,618			37,328
Acquired tenant improvements		9,794			4,283
Total real estate		156,003			50,018
Intangible assets
In-place leases		24,552			9,538
Acquired leasing commissions		9,842			3,919
Total intangible assets		34,394			13,457
Intangible liabilities
Below-market leases		(5,469	)		—
Total intangible liabilities		(5,469	)		—
Prepaid expenses and other assets
Contingent consideration		—			41
Accounts payable, accrued expenses and other liabilities
Contingent consideration		—			(388	)
Purchase price		184,928			63,128

Schedule of Real Estate and Intangibles

Real estate and intangibles on our consolidated balance sheets consisted of the following (amounts in thousands):

	December 31, 2024			December 31, 2023
Real estate properties, net
Land	$	267,543		$	221,999
Building		2,490,330			2,349,846
Acquired tenant improvements		94,894			85,949
Construction in progress		184,512			52,426
Accumulated depreciation		(465,184	)		(391,077	)
Total Real estate properties, net	$	2,572,095		$	2,319,143
Intangible assets, net
In-place leases		302,302			280,604
Acquired leasing commissions		81,915			72,560
Above market leases		14,620			14,620
Payment in lieu of taxes		6,394			6,394
Accumulated amortization		(243,806	)		(225,725	)
Total Intangible assets, net	$	161,425		$	148,453
Intangible liabilities, net
Below market leases		(77,029	)		(72,037	)
Accumulated amortization		62,144			59,557
Total Intangible liabilities, net	$	(14,885	)	$	(12,480	)

Amortization of Total Intangible Assets and Intangible Liabilities

The projected amortization of total intangible assets and intangible liabilities as of December 31, 2024 are as follows (amounts in thousands):

	Total
Intangible assets
2025	$	21,499
2026		20,380
2027		18,453
2028		15,589
2029		12,342
Thereafter		73,162
	$	161,425
Intangible liabilities
2025	$	(2,931	)
2026		(2,693	)
2027		(2,469	)
2028		(1,924	)
2029		(1,238	)
Thereafter		(3,630	)
	$	(14,885	)

Summary of Scheduled Amortization Market Lease Intangibles

The following table summarizes the scheduled amortization of our acquired above- and below-market lease intangibles for each of the five succeeding years as of December 31, 2024 (amounts in thousands):

	Acquired Above-Market Lease Intangibles		Acquired Below-Market Lease Intangibles
2025	$	1,097	$	(2,931	)
2026		1,096		(2,693	)
2027		1,096		(2,469	)
2028		725		(1,924	)
2029		193		(1,238	)
Thereafter		641		(3,631	)