Goodwill, Deferred Leasing Costs and Other Intangibles (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill balance by reportable segment at both December 31, 2022 and 2021 is as follows.

(In thousands)
Investment Management (1)	$	298,248
Operating	463,120
Total goodwill	$	761,368

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(1)    Remaining goodwill deductible for income tax purposes was $122.4 million at December 31, 2022 and $133.0 million at December 31, 2021.

Schedule of Deferred Leasing Costs and Other Intangibles

Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for disposition, are as follows.

	December 31, 2022						December 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 names	26,400		(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

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(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.

Schedule of 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)	2022		2021		2020
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 intangibles	20,997		26,028		25,285
Customer relationships and service contracts	25,885		31,040		13,297
Trade name	4,392		22,053		4,503
Other	1,911		1,882		174
	$	207,301	$	246,943	$	118,358

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(1)    Represents the net effect of amortizing above- and below-market leases.

Schedule of Estimated Annual Amortization Expense

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)	2023		2024		2025		2026		2027		2028 and thereafter		Total
Net increase (decrease) to rental income	$	(978)	$	(1,701)	$	(1,603)	$	(1,623)	$	(1,016)	$	1,252	$	(5,669)
Amortization expense	153,861		123,262		111,393		104,813		93,913		469,432		1,056,674