Intangibles

9 Months Ended

Sep. 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:

		September 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	14.6	$	108,051	$	(14,070)	$	93,981	$	94,600	$	(8,551)	$	86,049
Other lease intangibles	14.8	83,314		(4,885)		78,429		52,693		(2,212)		50,481
Total intangible lease assets	14.7	$	191,365	$	(18,955)	$	172,410	$	147,293	$	(10,763)	$	136,530

Amortization expense related to the intangible lease assets for the three months ended September 30, 2024 was $3,124, of which $2,612 and $512 is included in depreciation and amortization and rental revenue, respectively, within the Condensed Consolidated Statements of Operations. Amortization expense related to intangible lease assets for the nine months ended September 30, 2024 was $8,251, of which $6,962 and $1,289 is included in depreciation and amortization and rental revenue, respectively within the Condensed Consolidated Statements 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 months ended September 30, 2023 was $2,130, of which $2,123 and $7 is included in depreciation and amortization and rental revenue, respectively, within the Condensed Consolidated Statement of Operations. Amortization expense related to intangible lease assets for the nine months ended September 30, 2023 was $6,219, of which $6,212 and $7 is included in depreciation and amortization and rental revenue, respectively, 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 September 30, 2024 is as follows:

	In-Place Tenant Lease Intangible Assets		Other Lease Intangibles
2024 (remaining)	$	1,992	$	1,501
2025	7,968		6,006
2026	7,968		6,006
2027	7,968		6,006
2028	7,968		6,006
2029	7,968		6,006
Thereafter	52,149		46,898
Total	$	93,981	$	78,429

As of September 30, 2024 and December 31, 2023, the gross carrying amount of the Company’s below market lease intangibles was $10,576 and $3,085, respectively, with accumulated amortization of $460 and $222, respectively. The below market lease intangibles, net of accumulated amortization, are included in Other liabilities within our Condensed Consolidated Balance Sheet.