Intangible Assets and Below Market Lease Liabilities

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Below Market Lease Liabilities

Intangible Assets and Below Market Lease Liabilities

The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization:

	March 31, 2023		December 31, 2022
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)	$	410,584	$	416,579
Less accumulated amortization	(164,202)		(163,751)
	$	246,382	$	252,828
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities	$	54,962	$	55,304
Less accumulated amortization	(30,771)		(29,859)
	$	24,191	$	25,445

The following table sets forth amortization of intangible assets and below market lease liabilities:

	Three Months Ended March 31,
	2023		2022
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)	$	10,232	$	11,245
Amortization of lease incentives (in rental and other revenues)	$	714	$	450
Amortization of acquisition-related intangible assets (in rental and other revenues)	$	831	$	830
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)	$	(1,254)	$	(1,367)

The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:

	Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization)		Amortization of Lease Incentives (in Rental and Other Revenues)		Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues)		Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)
April 1 through December 31, 2023	$	32,014	$	1,687	$	2,471	$	(3,634)
2024	37,543		1,825		3,088		(4,219)
2025	30,506		1,733		2,220		(2,729)
2026	26,179		1,527		1,860		(2,514)
2027	22,386		1,325		1,518		(2,112)
Thereafter	69,088		3,814		5,598		(8,983)
	$	217,716	$	11,911	$	16,755	$	(24,191)
Weighted average remaining amortization periods as of March 31, 2023 (in years)	7.7		7.5		7.4		8.3