Real Estate Intangibles (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Real Estate Intangibles Excluding Those Classified as Held For Sale

The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):

	June 30, 2020		December 31, 2019
Assets:
In place lease intangibles	$	1,460,748	$	1,513,836
Above market tenant leases	58,780		59,540
Lease commissions	46,450		43,675
Gross historical cost	1,565,978		1,617,051
Accumulated amortization	(1,178,515)		(1,181,158)
Net book value	$	387,463	$	435,893
Weighted-average amortization period in years	10.8		10.3
Liabilities:
Below market tenant leases	$	83,037	$	99,035
Accumulated amortization	(40,886)		(49,390)
Net book value	$	42,151	$	49,645
Weighted-average amortization period in years	8.4		8.6

Summary of Real Estate Intangible Amortization

The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Rental income related to (above)/below market tenant leases, net	$	402	$	73	$	925	$	(82)
Amortization related to in place lease intangibles and lease commissions	(33,316)		(28,518)		(69,293)		(53,423)

Schedule of Future Estimated Aggregate Amortization of Intangible Assets and Liabilities

The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):

	Assets		Liabilities
2020	$	54,296	$	4,354
2021	66,013		8,162
2022	44,822		7,476
2023	36,282		5,238
2024	28,438		3,101
Thereafter	157,612		13,820
Total	$	387,463	$	42,151