Intangibles

3 Months Ended

Mar. 31, 2021

Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands):


Intangible lease assets	March 31, 2021		December 31, 2020
Gross intangible lease assets	$	758,424	$	761,328
Accumulated depreciation and amortization	(262,505)		(241,411)
Intangible assets, net(1)	$	495,919	$	519,917

Weighted average remaining amortization period in years	6		5

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(1)Excludes intangible assets reported in assets held for sale and discontinued operations, net of $9 million and $25 million as of March 31, 2021 and December 31, 2020, respectively.

Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):


Intangible lease liabilities	March 31, 2021		December 31, 2020
Gross intangible lease liabilities	$	193,140	$	194,565
Accumulated depreciation and amortization	(54,523)		(50,366)
Intangible liabilities, net	$	138,617	$	144,199

Weighted average remaining amortization period in years	8		8

During the three months ended March 31, 2021, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $1 million and intangible liabilities of $0.2 million. The intangible assets and liabilities acquired each had a weighted average amortization period at acquisition of 4 years.

During the year ended December 31, 2020, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $352 million and intangible liabilities of $83 million. The intangible assets and intangible liabilities acquired had a weighted average amortization period at acquisition of 7 years and 9 years, respectively.