XML 31 R16.htm IDEA: XBRL DOCUMENT v3.22.4
Goodwill, Deferred Leasing Costs and Other Intangibles
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Deferred Leasing Costs and Other Intangibles
6. Goodwill, Deferred Leasing Costs and Other Intangibles
Goodwill
Goodwill balance by reportable segment at both December 31, 2022 and 2021 is as follows.
(In thousands)
Investment Management (1)
$298,248 
Operating463,120 
Total goodwill$761,368 
__________
(1)    Remaining goodwill deductible for income tax purposes was $122.4 million at December 31, 2022 and $133.0 million at December 31, 2021.
Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities
Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for disposition, are as follows.
December 31, 2022December 31, 2021
(In thousands)
Carrying Amount (Net of Impairment)(1)
Accumulated Amortization(1)
Net Carrying Amount(1)
Carrying Amount (Net of Impairment)(1)
Accumulated Amortization(1)
Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
Deferred leasing costs and lease-related intangible assets (2)
$1,239,477 $(397,975)$841,502 $1,148,441 $(256,987)$891,454 
Investment management intangibles (3)
164,189 (82,432)81,757 164,189 (61,435)102,754 
Customer relationships and service contracts (4)
218,154 (62,788)155,366 218,064 (44,496)173,568 
Trade names26,400 (15,656)10,744 26,400 (11,266)15,134 
Other (5)
6,818 (4,020)2,798 6,818 (2,101)4,717 
Total deferred leasing costs and intangible assets$1,655,038 $(562,871)$1,092,167 $1,563,912 $(376,285)$1,187,627 
Intangible Liabilities
Lease intangible liabilities (2)
$46,636 $(16,812)$29,824 $44,076 $(10,775)$33,301 
__________
(1)    Amounts are presented net of impairments and write-offs.
(2)    Lease intangible assets are composed of in-place leases, above-market leases and tenant relationships. Lease-intangible liabilities are composed of below-market leases.
(3)    Composed of investment management contracts and investor relationships.
(4)    In connection with tower assets and data center services provided in the colocation data center business.
(5)    Represents primarily the value of an acquired domain name and assembled workforce in an asset acquisition.
Impairment of Identifiable Intangible Assets
There was no impairment on identifiable intangible assets in 2022. In 2021, impairment was recorded only on identifiable intangible assets held for disposition (Note 21). In 2020, an investment management contract was written down by $3.8 million to a fair value of $4.0 million at the time of impairment, classified as Level 3 and determined based upon the revised future net cash flows over the remaining life of the contract.
Amortization of Intangible Assets and Liabilities
The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities:
Year Ended December 31,
(In thousands)202220212020
Net increase (decrease) to rental income (1)
$273 $(2,471)$(1,989)
Amortization expense
Deferred leasing costs and lease-related intangibles$154,116 $165,940 $75,099 
Investment management intangibles20,997 26,028 25,285 
Customer relationships and service contracts25,885 31,040 13,297 
Trade name4,392 22,053 4,503 
Other1,911 1,882 174 
$207,301 $246,943 $118,358 
__________
(1)    Represents the net effect of amortizing above- and below-market leases.
The following table presents the future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for disposition.
Year Ending December 31,
(In thousands)202320242025202620272028 and thereafterTotal
Net increase (decrease) to rental income$(978)$(1,701)$(1,603)$(1,623)$(1,016)$1,252 $(5,669)
Amortization expense153,861 123,262 111,393 104,813 93,913 469,432 1,056,674