Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangible

6.Acquired Lease Intangibles

The Company had the following acquired lease intangibles:

	December 31,
(in thousands)	2021			2020
In-place leases	$	443,460		$	414,298
Above-market leases		81,433			59,381
Total intangible assets		524,893			473,679
Accumulated amortization		(312,186	)		(284,880	)
Acquired lease intangible assets, net	$	212,707			188,799
Below-market leases		535,569			523,678
Accumulated amortization		(172,293	)		(145,966	)
Acquired lease intangible liabilities, net	$	363,276			377,712

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

	Year ended December 31,
(in thousands)	2021		2020		2019		Line item in Consolidated Statements of Operations
In-place lease amortization	$	33,621		48,297		60,250	Depreciation and amortization
Above-market lease amortization		5,487		7,658		9,112	Lease income
Acquired lease intangible asset amortization	$	39,108		55,955		69,362
Below-market lease amortization	$	30,378		50,103		54,730	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
2022	$	31,473	$	22,238
2023		25,422		21,126
2024		19,359		19,061
2025		15,736		18,536
2026		12,779		17,939