Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangible

6.Acquired Lease Intangibles

The Company had the following acquired lease intangibles as of the periods set forth below:

	December 31,
(in thousands)	2022			2021
In-place leases	$	452,868			443,460
Above-market leases		82,930			81,433
Total intangible assets		535,798			524,893
Accumulated amortization		(338,053	)		(312,186	)
Acquired lease intangible assets, net	$	197,745			212,707
Below-market leases		547,519			535,569
Accumulated amortization		(193,315	)		(172,293	)
Acquired lease intangible liabilities, net	$	354,204			363,276

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:

	Year ended December 31,
(in thousands)	2022		2021		2020		Line item in Consolidated Statements of Operations
In-place lease amortization	$	34,568		33,621		48,297	Depreciation and amortization
Above-market lease amortization		5,828		5,487		7,658	Lease income
Acquired lease intangible asset amortization	$	40,396		39,108		55,955
Below-market lease amortization	$	28,642		30,378		50,103	Lease income

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles for the next five years are as follows:

(in thousands)
In Process Year Ending December 31,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2023	$	28,033		22,518
2024		21,830		20,406
2025		17,611		19,814
2026		14,421		19,098
2027		11,392		17,956