Intangible Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

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

	2023		2022
In-place leases, net of accumulated amortization of $132,411 and $131,021 in 2023 and 2022, respectively	$	84,762	$	102,080
Below-market ground leases, net of accumulated amortization of $2,160 and $1,860 in 2023 and 2022, respectively	17,092		17,393
Above-market leases, net of accumulated amortization of $24,273 and $25,085 in 2023 and 2022, respectively	12,564		15,093
Goodwill	1,674		1,674
	$	116,092	$	136,240

Schedule of Intangible Liabilities

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

	2023		2022
Below-market leases, net of accumulated amortization of $49,540 and $48,994 in 2023 and 2022, respectively	$	44,295	$	52,280

Schedule of Amortization of Intangible Asset and Liabilities

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues:
Rental property revenues, net (Below-market and Above-market leases)	$	1,371	$	1,538	$	5,455	$	4,979
Expenses:
Depreciation and amortization (In-place leases)	4,849		7,274		17,319		21,664
Rental property operating and other expenses (Below-market ground leases)	100		100		300		310

Schedule of 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 Leases		Above-Market Leases		Below-Market Leases
2023 (three months)	$	4,531	$	100	$	646	$	(2,104)
2024	17,069		400		2,425		(8,234)
2025	14,782		400		2,119		(7,728)
2026	12,382		400		1,726		(6,509)
2027	9,799		400		1,317		(4,973)
Thereafter	26,199		15,392		4,331		(14,747)
	$	84,762	$	17,092	$	12,564	$	(44,295)