Intangible Assets and Liabilities

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

At June 30, 2023 and December 31, 2022, intangible assets included the following ($ in thousands):

	2023		2022
In-place leases, net of accumulated amortization of $130,830 and $131,021 in 2023 and 2022, respectively	$	89,611	$	102,080
Below-market ground leases, net of accumulated amortization of $2,060 and $1,860 in 2023 and 2022, respectively	17,193		17,393
Above-market leases, net of accumulated amortization of $25,240 and $25,085 in 2023 and 2022, respectively	13,409		15,093
Goodwill	1,674		1,674
	$	121,887	$	136,240

At June 30, 2023 and December 31, 2022, intangible liabilities were the following ($ in thousands):

	2023		2022
Below-market leases, net of accumulated amortization of $48,699 and $48,994 in 2023 and 2022, respectively	$	46,511	$	52,280

The amortization of the above asset and liabilities are recorded as follows ($ in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
Rental property revenues, net (Below-market and Above-market leases)	$	2,526	$	1,661	$	4,084	$	3,464
Expenses:
Depreciation and amortization (In-place leases)	7,057		7,032		12,470		14,390
Rental property operating and other expenses (Below-market ground leases)	100		82		200		174

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		Below-Market Ground Leases		Above-Market Leases		Below-Market Leases
2023 (six months)	$	9,438	$	200	$	1,495	$	(4,336)
2024	17,407		400		2,697		(8,292)
2025	14,803		400		2,114		(7,747)
2026	12,356		400		1,695		(6,509)
2027	9,757		400		1,273		(4,973)
Thereafter	25,850		15,393		4,135		(14,654)
	$	89,611	$	17,193	$	13,409	$	(46,511)