Deferred Leasing Costs and Acquisition-Related Intangible Assets and Liabilities, net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Identified Deferred Leasing Costs and Acquisition-Related Intangible Assets

The following table summarizes our deferred leasing costs and acquisition-related intangible assets (acquired value of leasing costs, above-market operating leases, and in-place leases) and intangible liabilities (acquired value of below-market operating leases) as of December 31, 2023 and 2022:

	December 31, 2023		December 31, 2022
	(in thousands)
Deferred Leasing Costs and Acquisition-related Intangible Assets, net:
Deferred leasing costs	$	297,871	$	301,967
Accumulated amortization	(122,680)		(121,545)
Deferred leasing costs, net	175,191		180,422
Above-market operating leases	260		260
Accumulated amortization	(70)		(39)
Above-market operating leases, net	190		221
In-place leases	70,247		114,435
Accumulated amortization	(15,923)		(44,232)
In-place leases, net	54,324		70,203
Total deferred leasing costs and acquisition-related intangible assets, net	$	229,705	$	250,846
Acquisition-related Intangible Liabilities, net: (1)
Below-market operating leases	$	39,159	$	52,380
Accumulated amortization	(8,402)		(14,943)
Below-market operating leases, net	30,757		37,437
Total acquisition-related intangible liabilities, net	$	30,757	$	37,437

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(1)Included in deferred revenue and acquisition-related intangible liabilities, net in the consolidated balance sheets.

Schedule of Amortization for the Period Related to Deferred Leasing Costs and Acquisition-Related Intangibles

The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the years ended December 31, 2023, 2022 and 2021.

	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Deferred leasing costs	$	31,771	$	31,059	$	32,472
Above-market operating leases	31		31		8
In-place leases	15,878		31,647		14,562
Below-market operating leases	(6,679)		(10,508)		(6,912)
Total	$	41,001	$	52,229	$	40,130

Schedule of Estimated Annual Amortization Related to Deferred Leasing Costs and Acquisition-Related Intangibles

The following table sets forth the estimated annual amortization expense related to deferred leasing costs and acquisition-related intangibles as of December 31, 2023 for future periods:

Year Ending	Deferred Leasing Costs		Above-Market Operating Leases (1)		In-Place Leases		Below-Market Operating Leases (2)
	(in thousands)
2024	$	29,855	$	31	$	6,676	$	(3,588)
2025	27,019		31		6,635		(3,570)
2026	23,974		31		6,311		(3,474)
2027	20,864		31		5,040		(3,099)
2028	18,824		31		5,014		(2,918)
Thereafter	54,655		35		24,648		(14,108)
Total	$	175,191	$	190	$	54,324	$	(30,757)

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(1)Represents estimated annual amortization related to above-market operating leases. Amounts will be recorded as a decrease to rental income in the consolidated statements of operations.

(2)Represents estimated annual amortization related to below-market operating leases. Amounts will be recorded as an increase to rental income in the consolidated statements of operations.