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Deferred Leasing Costs and Other Intangibles
 3 Months Ended
Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Deferred Leasing Costs and Other Intangibles Deferred Leasing Costs and Other Intangibles
The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at March 31, 2023 and December 31, 2022 are as follows (dollars in thousands):
March 31, 2023
Carrying AmountAccumulated AmortizationNet Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values$74,468 $(36,692)$37,776 
Deferred leasing costs28,533 (16,457)12,076 
Above-market lease values8,359 (7,081)1,278 
$111,360 $(60,230)$51,130 
Intangible Liabilities
Below-market lease values$16,075 $(11,581)$4,494 
December 31, 2022
Carrying AmountAccumulated AmortizationNet Carrying Amount
Deferred Leasing Costs and Intangible Assets
In-place lease values$75,503 $(35,805)$39,698 
Deferred leasing costs28,641 (15,843)12,798 
Above-market lease values8,359 (6,875)1,484 
$112,503 $(58,523)$53,980 
Intangible Liabilities
Below-market lease values$16,074 $(11,235)$4,839 

The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the three months ended March 31, 2023 and 2022 (dollars in thousands):
Three Months Ended March 31,
20232022
Above-market lease values$(199)$(288)
Below-market lease values339 330 
Net increase to property operating income$140 $42 
In-place lease values$1,283 $1,602 
Deferred leasing costs664 806 
Amortization expense$1,947 $2,408 
The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, for each of the next five years and thereafter as of March 31, 2023 (dollars in thousands):
202320242025202620272028 and thereafterTotal
Above-market lease values$(431)$(448)$(270)$(91)$(38)$— $(1,278)
Below-market lease values1,034 1,379 1,378 703 — — 4,494 
Net increase (decrease) to property operating income$603 $931 $1,108 $612 $(38)$— $3,216 
In-place lease values$3,721 $4,684 $3,999 $3,165 $3,062 $19,145 $37,776 
Deferred leasing costs1,924 2,290 1,873 967 849 4,173 12,076 
Amortization expense$5,645 $6,974 $5,872 $4,132 $3,911 $23,318 $49,852