Deferred Leasing Costs and Other Intangibles (Tables)

9 Months Ended

Sep. 30, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at September 30, 2020 and December 31, 2019 are as follows (dollars in thousands):

	September 30, 2020
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	94,440	$	(35,816)	$	58,624
Deferred leasing costs	37,642		(15,035)		22,607
Above-market lease values	11,733		(7,083)		4,650
	$	143,815	$	(57,934)	$	85,881
Intangible Liabilities
Below-market lease values	$	17,591	$	(9,148)	$	8,443

	December 31, 2019
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	115,139	$	(39,093)	$	76,046
Deferred leasing costs	42,345		(13,637)		28,708
Above-market lease values	14,318		(6,310)		8,008
	$	171,802	$	(59,040)	$	112,762
Intangible Liabilities
Below-market lease values	$	32,652	$	(10,503)	$	22,149

Schedule of Deferred Leasing Costs

The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at September 30, 2020 and December 31, 2019 are as follows (dollars in thousands):

	September 30, 2020
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	94,440	$	(35,816)	$	58,624
Deferred leasing costs	37,642		(15,035)		22,607
Above-market lease values	11,733		(7,083)		4,650
	$	143,815	$	(57,934)	$	85,881
Intangible Liabilities
Below-market lease values	$	17,591	$	(9,148)	$	8,443

	December 31, 2019
	Carrying Amount		Accumulated Amortization		Net Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values	$	115,139	$	(39,093)	$	76,046
Deferred leasing costs	42,345		(13,637)		28,708
Above-market lease values	14,318		(6,310)		8,008
	$	171,802	$	(59,040)	$	112,762
Intangible Liabilities
Below-market lease values	$	32,652	$	(10,503)	$	22,149

Schedule of Deferred Costs and Other Intangible Assets and Liabilities

The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Above-market lease values	$	(451)	$	(1,300)	$	(1,944)	$	(3,189)
Below-market lease values	294		2,130		2,353		5,612
Net increase (decrease) to property operating income	$	(157)	$	830	$	409	$	2,423
In-place lease values	$	2,588	$	5,468	$	9,685	$	16,922
Deferred leasing costs	1,428		2,281		4,669		6,828
Other intangibles	118		120		381		359
Amortization expense	$	4,134	$	7,869	$	14,735	$	24,109

Schedule of Future Amortization Expense

The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, excluding those related to assets and liabilities held for sale, for each of the next five years and thereafter as of September 30, 2020 (dollars in thousands):

	Remainder of 2020		2021		2022		2023		2024		2025 and thereafter		Total
Above-market lease values	$	437	$	1,533	$	1,248	$	640	$	471	$	321	$	4,650
Below-market lease values	(432)		(1,599)		(1,531)		(1,415)		(1,382)		(2,084)		(8,443)
Net increase (decrease) to property operating income	$	5	$	(66)	$	(283)	$	(775)	$	(911)	$	(1,763)	$	(3,793)
In-place lease values	$	2,025	$	8,374	$	7,321	$	5,762	$	4,933	$	30,209	$	58,624
Deferred leasing costs	1,272		4,619		3,846		2,963		2,345		7,562		22,607
Amortization expense	$	3,297	$	12,993	$	11,167	$	8,725	$	7,278	$	37,771	$	81,231