Intangibles

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

Intangibles

The gross carrying amount and accumulated amortization of the Company’s identified intangible lease assets consisted of the following:

		June 30, 2024						December 31, 2023
	Weighted Average Life (Years)	Intangible lease assets, gross		Accumulated Amortization		Intangible lease assets, net		Intangible lease assets, gross		Accumulated Amortization		Intangible lease assets, net
Intangible lease assets
In-place lease intangibles	13.6	$	98,021	$	(12,101)	$	85,920	$	94,600	$	(8,551)	$	86,049
Other lease intangibles	16.0	60,364		(3,702)		56,662		52,693		(2,212)		50,481
Total intangible lease assets	14.5	$	158,385	$	(15,803)	$	142,582	$	147,293	$	(10,763)	$	136,530

Amortization expense related to the intangible lease assets for the three months ended June 30, 2024 was $2,571, of which $2,203 and $368 is included in depreciation and amortization and rental revenue, respectively. Amortization expense related to intangible lease assets for the six months ended June 30, 2024 was $5,127, of which $4,350 and $777 is included in depreciation and amortization and rental revenue, respectively within the Condensed Consolidated Statement of Operations. The amount included in rental revenue is related to tenant inducements and is a reduction to revenue.

Amortization expense related to the intangible lease assets for three and six months ended June 30, 2023 was $2,045 and $4,089, respectively, and is included in depreciation and amortization within the Condensed Consolidated Statement of Operations.

The estimated future amortization on the Company’s intangible assets for each of the next five years and thereafter as of June 30, 2024 is as follows:

	In-Place Tenant Lease Intangible Assets		Other Lease Intangibles
2024 (remaining)	$	3,778	$	1,991
2025	7,555		3,982
2026	7,555		3,982
2027	7,555		3,982
2028	7,555		3,982
2029	7,555		3,982
Thereafter	44,367		34,761
Total	$	85,920	$	56,662

As of June 30, 2024 and December 31, 2023, the gross carrying amount of the Company’s below market lease intangibles was $3,179 and $3,085, respectively, with accumulated amortization of $345 and $222, respectively. The below market lease intangibles, net of accumulated amortization, are included in Other liabilities within our Condensed Consolidated Balance Sheet.