Other Assets and Intangibles, net (Tables)

12 Months Ended

Dec. 31, 2023

Components of Other Assets and Intangibles

Other assets and intangibles consist of the following (in thousands):


	December 31,
	2023		2022
Intangible assets, net:
In-place leases	$	50,282	$	61,918
Above-market leases		3,593		6,206
Lease origination costs		8,249		8,093
Tenant relationships		6,866		11,531
Total intangible assets		68,990		87,748
Operating lease ROU assets(A)		17,373		18,197
Other assets:
Loan commitment fee(B)		13,485	—
Prepaid expenses		5,104		6,721
Swap receivable		11,115		8,138
Other assets		2,294		3,491
Deposits		2,857		3,188
Deferred charges, net		5,325		7,526
Total other assets, net	$	126,543	$	135,009

Below-market leases, net (other liabilities)(C)	$	46,096	$	59,825

(A)

Operating lease ROU assets are discussed further in Note 5.

(B)

Fees related to a commitment in October 2023 for a lender to provide a $1.1 billion mortgage facility secured by 40 properties (the “Mortgage Facility”). At December 31, 2023, the fees paid are recorded as a deferred fee as the facility has not closed and therefore no amounts have been drawn. The Company may proceed to close and draw all or a portion of the Mortgage Facility on any date prior to October 25, 2024, subject to the satisfaction of various closing conditions. Once amounts are drawn on the facility, the fees will be classified as a contra asset to the borrowings and amortized over the life of the facility. If it becomes probable that the debt, or a portion of the debt, will not be drawn upon, the commitment fees, or a portion of the commitment fees will be expensed.

(C)

Change as a result of the write-off of unamortized below-market lease intangibles due to the early termination of tenant leases of $8.6 million for the year ended December 31, 2023.

Summary of Amortization Expense Related to the Intangibles, Excluding Above and Below-Market Leases

Amortization expense related to the Company’s intangibles, excluding above- and below-market leases, was as follows (in millions):


Year	Expense
2023	$	22.7
2022		27.5
2021		21.6

Summary of Estimated Net Future Amortization Associated with Above and Below-Market Leases

Estimated net future amortization associated with the Company’s intangibles is as follows (in millions):


Year	Income		Expense
2024	$	4.0	$	18.1
2025		4.0		12.7
2026		3.8		8.8
2027		3.7		6.3
2028		3.5		4.8