Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

At March 31, 2021 and December 31, 2020, intangible assets included the following (in thousands):

	2021		2020
In-place leases, net of accumulated amortization of $222,779 and $212,413 in 2021 and 2020, respectively	$	134,924	$	145,290
Above-market rents, net of accumulated amortization of $35,131 and $33,548 in 2021 and 2020, respectively	23,377		24,960
Below-market ground lease, net of accumulated amortization of $1,242 and $1,173 in 2021 and 2020, respectively	17,171		17,240
Goodwill	1,674		1,674
	$	177,146	$	189,164

Schedule of Intangible Liabilities

At March 31, 2021 and December 31, 2020, intangible liabilities included the following (in thousands):

	2021		2020
Below-market rents, net of accumulated amortization of $77,525 and $73,612 in 2021 and 2020, respectively	$	64,307	$	68,219
Above-market ground lease, net of accumulated amortization of $366 and $354 in 2021 and 2020, respectively	1,615		1,627
	$	65,922	$	69,846

Aggregate amortization of intangible assets and liabilities

Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows (in thousands):

	In-Place  Leases		Above-Market Rents		Below-Market Ground Lease		Below-Market Rents		Above-Market Ground Lease
2021 (nine months)	$	27,964	$	4,340	$	207	$	(10,623)	$	(35)
2022	27,431		4,806		276		(11,755)		(46)
2023	22,527		3,915		276		(10,040)		(46)
2024	17,683		3,061		276		(8,929)		(46)
2025	13,702		2,014		276		(8,197)		(46)
Thereafter	25,617		5,241		15,860		(14,763)		(1,396)
	$	134,924	$	23,377	$	17,171	$	(64,307)	$	(1,615)