Intangibles

12 Months Ended

Dec. 31, 2021

Intangible Assets, Intangible Liabilities, And Goodwill Disclosure [Abstract]

NOTE 8 – INTANGIBLES

The following is a summary of our intangibles (dollars in thousands):


	As of December 31, 2021			As of December 31, 2020
	Balance		Weighted Average Remaining Amortization Period in Years	Balance		Weighted Average Remaining Amortization Period in Years
Intangible assets:
Above-market lease intangibles (1)	$	129,121	5.9	$	140,096	6.4
In-place and other lease intangibles (2)	1,240,626		7.2	1,090,790		10.7
Goodwill	1,046,140		N/A	1,051,650		N/A
Other intangibles (2)	34,517		6.5	35,870		10.0
Accumulated amortization	(944,403)		N/A	(941,462)		N/A
Net intangible assets	$	1,506,001	7.1	$	1,376,944	10.3
Intangible liabilities:
Below-market lease intangibles (1)	$	334,365	9.7	$	339,265	14.3
Other lease intangibles	13,608		N/A	13,498		N/A
Accumulated amortization	(244,975)		N/A	(212,655)		N/A
Purchase option intangibles	3,568		N/A	3,568		N/A
Net intangible liabilities	$	106,566	9.7	$	143,676	14.3

(1) Amortization of above- and below-market lease intangibles is recorded as a decrease and an increase to revenues, respectively, in our Consolidated Statements of Income.

(2) Amortization of lease intangibles is recorded in depreciation and amortization in our Consolidated Statements of Income.

N/A—Not Applicable

Above-market lease intangibles and in-place and other lease intangibles are included in acquired lease intangibles within real estate investments on our Consolidated Balance Sheets. Other intangibles (including non-compete agreements, trade names and trademarks) are included in other assets on our Consolidated Balance Sheets. Below-market lease intangibles, other lease intangibles and purchase option intangibles are included in accounts payable and other liabilities on our Consolidated Balance Sheets. For the years ended December 31, 2021, 2020 and 2019, our net amortization related to these intangibles was $29.3 million, $45.7 million and $59.2 million, respectively.

The following is a summary of the estimated net amortization related to these intangibles for each of the next five years (dollars in thousands):


	Estimated Net Amortization
2022	$	123,144
2023	111,976
2024	57,729
2025	9,764
2026	5,972

The table below reflects the carrying amount of goodwill, by segment, as of December 31, 2021 (dollars in thousands):


	Goodwill
Triple-net leased properties	$	322,097
Senior living operations	259,482
Office operations	464,561
Total goodwill	$	1,046,140