Intangibles

9 Months Ended

Sep. 30, 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	September 30, 2021		December 31, 2020
Gross intangible lease assets	$	823,362	$	761,328
Accumulated depreciation and amortization	(303,027)		(241,411)
Intangible assets, net(1)	$	520,335	$	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 $25 million as of December 31, 2020.

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


Intangible lease liabilities	September 30, 2021		December 31, 2020
Gross intangible lease liabilities	$	208,031	$	194,565
Accumulated depreciation and amortization	(64,027)		(50,366)
Intangible liabilities, net	$	144,004	$	144,199

Weighted average remaining amortization period in years	8		8

During the nine months ended September 30, 2021, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $81 million and intangible liabilities of $17 million. The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 9 years and 8 years, respectively.

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.