XML 23 R12.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Intangible Assets and Liabilities
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND LIABILITIES INTANGIBLE ASSETS AND LIABILITIES
At March 31, 2024 and December 31, 2023, intangible assets included the following ($ in thousands):
20242023
In-place leases, net of accumulated amortization of $136,067 and $135,433
in 2024 and 2023, respectively
$75,715 $80,117 
Below-market ground leases, net of accumulated amortization of $2,360 and
$2,260 in 2024 and 2023, respectively
16,892 16,992 
Above-market leases, net of accumulated amortization of $25,272 and $24,918
in 2024 and 2023, respectively
11,278 11,884 
      Goodwill1,674 1,674 
$105,559 $110,667 

At March 31, 2024 and December 31, 2023, intangible liabilities were the following ($ in thousands):
20242023
Below-market leases, net of accumulated amortization of $52,345 and $50,475 in 2024 and 2023, respectively
$40,115 $42,193 


The amortization of the above asset and liabilities are recorded as follows ($ in thousands):
Three Months Ended March 31,
20242023
Revenues:
Rental property revenues, net (Below-market and Above-market leases)$1,461 $1,559 
Expenses:
Depreciation and amortization (In-place leases)4,401 5,412 
Rental property operating and other expenses (Below-market ground leases)100 100 

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
2024 (9 months)$12,420 $212 $1,721 $(6,135)
202514,785 282 2,099 (7,743)
202612,418 282 1,720 (6,524)
20279,833 282 1,310 (4,989)
20287,016 282 1,201 (3,853)
Thereafter19,243 15,552 3,227 (10,871)
$75,715 $16,892 $11,278 $(40,115)