Acquired Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

The following table summarizes the Company’s identified intangible assets and liabilities as of March 31, 2025 and December 31, 2024:


		March 31, 2025				December 31, 2024
Intangible assets:
Acquired in-place lease value		$	183,305			$	183,305
Acquired above market lease value			52,640				52,640
Accumulated amortization			(189,537	)			(186,893	)
Acquired lease intangibles, net		$	46,408			$	49,052
Intangible liabilities:
Acquired below market lease value		$	79,914			$	79,914
Accumulated amortization			(46,663	)			(45,858	)
Acquired below market lease intangibles, net		$	33,251			$	34,056

Schedule of Amortization of Acquired In Place Lease Value, Above Market and Below Market Lease Values

Amortization pertaining to acquired in-place lease value, above market lease value and below market lease value is summarized below:


	Three Months Ended March 31,
	2025				2024
Amortization recorded as amortization expense:
Acquired in-place lease value	$	1,872			$	2,404
Amortization recorded as a (reduction) increase to rental income:
Acquired above market leases	$	(772	)		$	(840	)
Acquired below market leases		805				835
Net rental income increase (reduction)	$	33			$	(5	)

Schedule of Estimated Amortization of Intangible Lease Assets and Liabilities

Estimated amortization of the respective intangible lease assets and liabilities as of March 31, 2025 for each of the five succeeding years and thereafter is as follows:


		Acquired In-Place Leases				Above Market Leases				Below Market Leases
2025 (remainder of year)		$	4,829			$	2,136			$	2,253
2026			4,977				2,481				2,920
2027			3,569				1,837				2,717
2028			2,868				1,590				2,581
2029			2,584				1,508				2,506
Thereafter			11,040				6,989				20,274
Total		$	29,867			$	16,541			$	33,251