| Summary of Gross Carrying Amount and Accumulated Amortization of Intangible Assets and Liabilities |
The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
Intangible assets: (1) |
|
|
|
|
|
|
|
In-place lease intangibles |
$ |
|
226,714 |
|
|
$ |
|
292,348 |
|
Above-market lease intangibles |
|
|
35,344 |
|
|
|
|
44,463 |
|
Other |
|
|
35,345 |
|
|
|
|
41,823 |
|
Total intangible assets |
|
|
297,403 |
|
|
|
|
378,634 |
|
Accumulated amortization: |
|
|
|
|
|
|
|
In-place lease amortization |
|
|
(106,980 |
) |
|
|
|
(127,185 |
) |
Above-market lease amortization |
|
|
(16,348 |
) |
|
|
|
(18,913 |
) |
Other |
|
|
(12,130 |
) |
|
|
|
(12,500 |
) |
Total accumulated amortization |
|
|
(135,458 |
) |
|
|
|
(158,598 |
) |
Intangible assets, net |
$ |
|
161,945 |
|
|
$ |
|
220,036 |
|
Intangible liabilities: (2) |
|
|
|
|
|
|
|
Below-market lease intangibles |
$ |
|
74,189 |
|
|
$ |
|
87,173 |
|
Total intangible liabilities |
|
|
74,189 |
|
|
|
|
87,173 |
|
Accumulated amortization: |
|
|
|
|
|
|
|
Below-market lease amortization |
|
|
(26,588 |
) |
|
|
|
(27,606 |
) |
Total accumulated amortization |
|
|
(26,588 |
) |
|
|
|
(27,606 |
) |
Intangible liabilities, net |
$ |
|
47,601 |
|
|
$ |
|
59,567 |
|
(1)Included in Other assets on the Company’s Consolidated Balance Sheets. (2)Included in Other liabilities on the Company’s Consolidated Balance Sheets.
|
| Summary of Estimated Future Amortization on Intangibles |
The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of December 31, 2024 is as follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In-place
Lease Intangibles |
|
|
Above-market
Lease Intangibles |
|
|
Other |
|
|
Below-market
Lease Intangibles |
|
2025 |
|
$ |
24,511 |
|
|
$ |
3,778 |
|
|
$ |
2,694 |
|
|
$ |
(6,211 |
) |
2026 |
|
|
20,119 |
|
|
|
3,528 |
|
|
|
2,694 |
|
|
|
(5,602 |
) |
2027 |
|
|
16,661 |
|
|
|
2,990 |
|
|
|
2,694 |
|
|
|
(4,716 |
) |
2028 |
|
|
13,373 |
|
|
|
2,432 |
|
|
|
2,693 |
|
|
|
(4,654 |
) |
2029 |
|
|
10,931 |
|
|
|
2,342 |
|
|
|
3,399 |
|
|
|
(3,869 |
) |
Thereafter |
|
|
34,139 |
|
|
|
3,926 |
|
|
|
9,041 |
|
|
|
(22,549 |
) |
|
|
$ |
119,734 |
|
|
$ |
18,996 |
|
|
$ |
23,215 |
|
|
$ |
(47,601 |
) |
|