Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2023

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2023 (in thousands):


	December 31, 2023
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	215,832	$	108,772	$	107,060
Above-market lease assets	7,810		5,733		2,077
Above/Below-market ground lease assets	5,075		1,085		3,990


Below-market lease liabilities	36,282		17,261		19,021

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2022 (in thousands):


	December 31, 2022
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	180,598	$	79,320	$	101,278
Above-market lease assets	7,748		5,156		2,592
Above/Below-market ground lease assets	5,075		948		4,127


Below-market lease liabilities	32,355		13,937		18,418

During the years ended December 31, 2023, 2022, and 2021, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):


	Years Ended December 31,
	2023		2022		2021
Intangible lease assets
In-place lease assets	$	29,351	$	15,767	$	13,210
Above-market lease assets	577		641		595
Above/Below-market ground lease assets	138		138		144



Intangible lease liabilities
Below-market lease liabilities	3,324		2,395		2,148

As of December 31, 2023, the weighted-average remaining lives of in-place lease assets, above-market lease assets, above/below-market ground lease assets, and below-market lease liabilities were 7.6 years, 4.2 years, 41.2 years and 9.4 years, respectively. As of December 31, 2023, the weighted-average remaining life of below-market lease renewal options was 9.3 years.

Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands):


	Rental Revenues		Depreciation and Amortization
Year ending December 31,
2024	$	2,080	$	14,794
2025	2,007		13,766
2026	2,014		13,059
2027	1,866		12,183
2028	1,413		8,402