Annual report pursuant to Section 13 and 15(d)

Lease-Related Intangibles (Tables)

v3.22.4
Lease-Related Intangibles (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule Intangible Assets and Liabilities
The following is a summary of the Company’s intangible assets and liabilities as of December 31, 2022:
Successor
December 31, 2022
Intangible assets:
Lease-related intangibles, net:
In-place leases, net of accumulated amortization of $70,178
 $ 221,660 
Above market lease assets, net of accumulated amortization of $1,177
 6,711
Total lease-related intangible assets, net1
$ 228,371 
Intangible liabilities:
Below market lease liabilities, net:
Below market lease liabilities, net of accumulated amortization of $21,376
 $ 149,883 
Total lease-related intangible liabilities, net2
$ 149,883 
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1 Included in Prepaid expenses and other assets in the Consolidated Balance Sheets.
2 Included in Accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheets.
Finite-Lived Intangible Assets Amortization Expense
The following table summarizes the amortization of in-place leases:
Successor
Period from July 20, 2022 through December 31, 2022
In-place leases $ 84,405 
Schedule of Indefinite-Lived Intangible Assets Impact on Revenue of The Acquired
The following table summarizes the impact on revenue of the acquired above market leases and below market leases:
Successor
Period from July 20, 2022 through December 31, 2022
Above market leases $ (1,177)
Below market leases $ 22,226 
Schedule of Intangible Assets and Liabilities, Future Amortization Expense
The following table provides the weighted-average amortization period as of December 31, 2022 for intangible assets and liabilities and the projected amortization expense for the next five years:
Weighted-average amortization period (years) 2023 2024 2025 2026 2027 Thereafter
In-place leases 2.6 $ 107,651  $ 54,204  $ 27,290  $ 15,679  $ 7,212  $ 9,624 
Total to be included in depreciation and amortization expense $ 107,651  $ 54,204  $ 27,290  $ 15,679  $ 7,212  $ 9,624 
Above-market lease assets 3.3 $ 2,576  $ 1,739  $ 1,083  $ 620  $ 288  $ 405 
Below-market lease liabilities 4.2 (45,803) (33,630) (22,013) (14,710) (11,812) (21,915)
Total to be included in rental revenue $ (43,227) $ (31,891) $ (20,930) $ (14,090) $ (11,524) $ (21,510)