Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangible

6.Acquired Lease Intangibles

The Company had the following acquired lease intangibles as of the periods set forth below:

	December 31,
(in thousands)	2024			2023
In-place leases	$	522,117			543,892
Above-market leases		103,075			103,896
Total intangible assets		625,192			647,788
Accumulated amortization		(395,209	)		(364,413	)
Acquired lease intangible assets, net	$	229,983			283,375
Below-market leases		586,660			609,369
Accumulated amortization		(222,052	)		(211,067	)
Acquired lease intangible liabilities, net	$	364,608			398,302

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:

	Year ended December 31,
(in thousands)	2024		2023		2022		Line item in Consolidated Statements of Operations
In-place lease amortization	$	49,169		44,102		34,568	Depreciation and amortization
Above-market lease amortization		8,860		6,571		5,828	Lease income
Acquired lease intangible asset amortization	$	58,029		50,673		40,396
Below-market lease amortization	$	33,883		37,831		28,642	Lease income

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:

(in thousands)
In Process Year Ending December 31,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2025	$	33,173		21,657
2026		26,813		20,878
2027		21,290		19,875
2028		16,909		19,767
2029		14,257		19,091