Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

At March 31, 2022 and December 31, 2021, intangible assets included the following (in thousands):

	2022		2021
In-place leases, net of accumulated amortization of $130,664 and $134,930 in 2022 and 2021, respectively	$	122,180	$	129,538
Above-market rents, net of accumulated amortization of $24,594 and $25,423 in 2022 and 2021, respectively	18,306		19,537
Below-market ground lease, net of accumulated amortization of $1,560 and $1,449 in 2022 and 2021, respectively	17,693		17,804
Goodwill	1,674		1,674
	$	159,853	$	168,553

At March 31, 2022 and December 31, 2021, intangible liabilities included the following (in thousands):

	2022		2021
Below-market rents, net of accumulated amortization of $51,312 and $55,079 in 2022 and 2021, respectively	$	60,252	$	63,223

Aggregate net amortization expense related to intangible assets and liabilities for the three months ended March 31, 2022 and March 31, 2021 was $5.6 million and $8.0 million, respectively. 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
2022 (nine months)	$	20,076	$	3,270	$	300	$	(8,136)
2023	23,165		3,770		400		(9,635)
2024	19,199		3,008		400		(8,920)
2025	15,443		2,013		400		(8,354)
2026	12,062		1,591		400		(6,583)
Thereafter	32,235		4,654		15,793		(18,624)
	$	122,180	$	18,306	$	17,693	$	(60,252)

The carrying amount of goodwill did not change during the three months ended March 31, 2022 and 2021.