Intangible Assets and Below Market Lease Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Total 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, 2025		December 31, 2024
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)	$	386,249	$	380,279
Less accumulated amortization	(161,824)		(170,312)
	$	224,425	$	209,967
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities	$	31,178	$	37,482
Less accumulated amortization	(15,744)		(21,296)
	$	15,434	$	16,186

Amortization of Intangible Assets and Below Market Lease Liabilities

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

	Three Months Ended March 31,
	2025		2024
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)	$	9,004	$	9,645
Amortization of lease incentives (in rental and other revenues)	$	645	$	693
Amortization of acquisition-related above market lease intangible assets (in rental and other revenues)	$	598	$	802
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)	$	(752)	$	(1,144)

Scheduled Future Amortization of Intangible Assets and Below Market Lease Liabilities

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 Above Market Lease 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, 2025	$	28,253	$	1,766	$	1,833	$	(1,973)
2026	33,590		2,120		2,161		(2,431)
2027	29,328		1,884		1,680		(2,062)
2028	25,322		1,675		1,544		(1,649)
2029	22,549		1,388		1,432		(1,377)
Thereafter	59,894		4,426		3,580		(5,942)
	$	198,936	$	13,259	$	12,230	$	(15,434)
Weighted average remaining amortization periods as of March 31, 2025 (in years)	7.3		7.8		6.9		7.9

Total Intangible Assets from Acquisition Activity

The following table sets forth the intangible assets acquired as a result of the acquisition of Advance Auto Parts Tower in the first quarter of 2025:

	Acquisition-Related Above Market Lease Intangible Assets (amortized in Rental and Other Revenues)		Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization)
Amount recorded at acquisition	$	1,656	$	16,445
Weighted average remaining amortization periods as of March 31, 2025 (in years)	8.3		8.0