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Intangible Assets and Liabilities (Tables)
6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets At June 30, 2023 and December 31, 2022, intangible assets included the following ($ in thousands):
20232022
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 
      Goodwill1,674 1,674 
$121,887 $136,240 
Schedule of Intangible Liabilities At June 30, 2023 and December 31, 2022, intangible liabilities were the following ($ in thousands):
20232022
Below-market leases, net of accumulated amortization of $48,699 and $48,994 in 2023 and 2022, respectively
$46,511 $52,280 
Amortization of Intangible Asset and Liabilities
The amortization of the above asset and liabilities are recorded as follows ($ in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenues:
Rental property revenues, net (Below-market and Above-market leases)$2,526 $1,661 $4,084 $3,464 
Expenses:
Depreciation and amortization (In-place leases)7,057 7,032 12,470 14,390 
Rental property operating and other expenses (Below-market ground leases)100 82 200 174 
Aggregate amortization of intangible assets and liabilities
Over the next five years and thereafter, aggregate amortization of these intangible assets and liabilities is anticipated to be as follows ($ in thousands):
In-Place 
Leases
Below-Market Ground LeasesAbove-Market LeasesBelow-Market
Leases
2023 (six months)$9,438 $200 $1,495 $(4,336)
202417,407 400 2,697 (8,292)
202514,803 400 2,114 (7,747)
202612,356 400 1,695 (6,509)
20279,757 400 1,273 (4,973)
Thereafter25,850 15,393 4,135 (14,654)
$89,611 $17,193 $13,409 $(46,511)