Intangible Assets and Below Market Lease Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Total Intangible Assets and Below Market Lease Liabilities

The following table sets forth total intangible assets and acquisition-related below market lease liabilities, net of accumulated amortization:

	June 30, 2021		December 31, 2020
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)	$	356,575	$	361,027
Less accumulated amortization	(140,257)		(151,698)
	$	216,318	$	209,329
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities	$	55,581	$	63,748
Less accumulated amortization	(31,159)		(37,838)
	$	24,422	$	25,910

Amortization of Intangible Assets and Below Market Lease Liabilities

The following table sets forth amortization of intangible assets and below market lease liabilities:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)	$	8,626	$	8,566	$	17,197	$	17,364
Amortization of lease incentives (in rental and other revenues)	$	445	$	429	$	893	$	919
Amortization of acquisition-related intangible assets (in rental and other revenues)	$	241	$	321	$	518	$	609
Amortization of acquisition-related intangible assets (in rental property and other expenses)	$	—	$	138	$	—	$	277
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)	$	(1,421)	$	(1,517)	$	(2,850)	$	(3,083)

Scheduled Future Amortization of Intangible Assets and Below Market Lease Liabilities

The following table sets forth scheduled future amortization of intangible assets and below market lease liabilities:

	Amortization of Deferred Leasing Costs and Acquisition-Related Intangible Assets (in Depreciation and Amortization)		Amortization of Lease Incentives (in Rental and Other Revenues)		Amortization of Acquisition-Related Intangible Assets (in Rental and Other Revenues)		Amortization of Acquisition-Related Below Market Lease Liabilities (in Rental and Other Revenues)
July 1 through December 31, 2021	$	18,331	$	791	$	484	$	(2,336)
2022	33,657		1,493		910		(4,214)
2023	29,975		1,421		754		(3,838)
2024	26,604		1,273		664		(3,171)
2025	21,634		1,195		546		(1,813)
Thereafter	69,158		4,975		2,453		(9,050)
	$	199,359	$	11,148	$	5,811	$	(24,422)
Weighted average remaining amortization periods as of June 30, 2021 (in years)	8.0		9.2		8.8		8.4

Total Intangible Assets and Below Market Lease Liabilities from Acquisition Activity

The following table sets forth the intangible assets acquired and below market lease liabilities assumed as a result of 2021 acquisition activity:

	Acquisition-Related Intangible Assets (amortized in Rental and Other Revenues)		Acquisition-Related Intangible Assets (amortized in Depreciation and Amortization)		Acquisition-Related Below Market Lease Liabilities (amortized in Rental and Other Revenues)
Amount recorded at acquisition	$	2,036	$	13,168	$	(1,361)
Weighted average remaining amortization periods as of June 30, 2021 (in years)	7.2		5.8		5.7