Intangibles

12 Months Ended

Dec. 31, 2023

Intangibles [Abstract]

Intangibles

Intangibles

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

	December 31,
Intangible lease assets	2023		2022(1)
Gross intangible lease assets	$	739,228	$	770,285
Accumulated depreciation and amortization	(425,072)		(352,224)
Intangible assets, net	$	314,156	$	418,061
Weighted average remaining amortization period in years	5		5

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(1)Excludes intangible assets reported in assets held for sale of $2 million.

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

	December 31,
Intangible lease liabilities	2023		2022
Gross intangible lease liabilities	$	228,105	$	237,464
Accumulated depreciation and amortization	(100,725)		(81,271)
Intangible liabilities, net	$	127,380	$	156,193
Weighted average remaining amortization period in years	7		7

The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands):

	Year Ended December 31,
	2023		2022		2021
Depreciation and amortization expense related to amortization of lease-up intangibles(1)	$	102,249	$	104,885	$	106,106
Rental and related revenues related to amortization of net below market lease liabilities(1)	27,012		24,640		20,597

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(1)Excludes amortization related to assets classified as discontinued operations.

During the year ended December 31, 2023, in conjunction with the Company’s acquisition of real estate, the Company acquired $0.5 million of intangible assets with a weighted average amortization period at acquisition of 5 years.

During the year ended December 31, 2022, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $7 million and intangible liabilities of $6 million. The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 7 years and 11 years, respectively.

The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands):

	Rental and Related Revenues		Depreciation and Amortization
2024	$	22,577	$	95,208
2025	21,560		83,629
2026	19,071		51,580
2027	15,064		25,981
2028	11,945		16,216
Thereafter	29,909		34,288
	$	120,126	$	306,902

Goodwill

At each of December 31, 2023 and 2022, the Company’s goodwill balance was $18 million and is recognized in other assets, net on the Consolidated Balance Sheets. See Note 15 for goodwill attributable to the Company’s reportable segments. During the year ended December 31, 2021, the Company recognized a $29 million goodwill impairment charge, recognized within income (loss) from discontinued operations (see Note 5).