Intangible Assets and Below Market Lease Liabilities

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Below Market Lease Liabilities

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, 2023		December 31, 2022
Assets:
Deferred leasing costs (including lease incentives and above market lease and in-place lease acquisition-related intangible assets)	$	407,380	$	416,579
Less accumulated amortization	(168,187)		(163,751)
	$	239,193	$	252,828
Liabilities (in accounts payable, accrued expenses and other liabilities):
Acquisition-related below market lease liabilities	$	54,336	$	55,304
Less accumulated amortization	(31,425)		(29,859)
	$	22,911	$	25,445

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Amortization of deferred leasing costs and acquisition-related intangible assets (in depreciation and amortization)	$	11,481	$	10,933	$	21,713	$	22,178
Amortization of lease incentives (in rental and other revenues)	$	614	$	419	$	1,328	$	869
Amortization of acquisition-related intangible assets (in rental and other revenues)	$	869	$	821	$	1,700	$	1,651
Amortization of acquisition-related below market lease liabilities (in rental and other revenues)	$	(1,280)	$	(1,319)	$	(2,534)	$	(2,686)

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, 2023	$	21,782	$	1,187	$	1,602	$	(2,485)
2024	38,212		1,903		3,088		(4,240)
2025	30,644		1,811		2,220		(2,727)
2026	26,360		1,611		1,860		(2,431)
2027	22,670		1,412		1,518		(2,062)
Thereafter	71,641		4,074		5,598		(8,966)
	$	211,309	$	11,998	$	15,886	$	(22,911)
Weighted average remaining amortization periods as of June 30, 2023 (in years)	7.6		7.5		7.3		8.2