Intangible Assets and Below Market Lease Liabilities

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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:


	September 30, 2022		December 31, 2021
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)	$	413,036	$	402,013
Less accumulated amortization	(157,205)		(143,111)
	$	255,831	$	258,902
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities	$	55,371	$	57,703
Less accumulated amortization	(28,633)		(28,978)
	$	26,738	$	28,725

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)	$	11,425	$	10,070	$	33,603	$	27,267
Amortization of lease incentives (in rental and other revenues)	$	500	$	424	$	1,369	$	1,317
Amortization of acquisition-related intangible assets (in rental and other revenues)	$	797	$	636	$	2,448	$	1,154

Amortization of acquisition-related below market lease liabilities (in rental and other revenues)	$	(1,473)	$	(1,391)	$	(4,159)	$	(4,241)

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)
October 1 through December 31, 2022	$	11,068	$	488	$	865	$	(1,275)
2023	40,696		1,623		3,279		(4,918)
2024	35,514		1,554		3,065		(4,278)
2025	28,586		1,478		2,202		(2,764)
2026	24,614		1,279		1,868		(2,464)
Thereafter	86,384		4,089		7,179		(11,039)
	$	226,862	$	10,511	$	18,458	$	(26,738)
Weighted average remaining amortization periods as of September 30, 2022 (in years)	7.9		7.9		7.7		8.4

The following table sets forth the intangible assets acquired and below market lease liabilities assumed as a result of the acquisition of SIX50 at Legacy Union in Charlotte:


	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	$	4,722	$	12,606	$	(2,172)
Weighted average remaining amortization periods as of September 30, 2022 (in years)	9.1		9.8		12.7