Real Estate Intangibles

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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):


	March 31, 2021		December 31, 2020
Assets:
In place lease intangibles	$	1,411,060	$	1,406,705
Above market tenant leases	53,066		52,621
Lease commissions	42,697		40,704
Gross historical cost	1,506,823		1,500,030
Accumulated amortization	(1,204,529)		(1,177,513)
Net book value	$	302,294	$	322,517

Weighted-average amortization period in years	10.7		10.5

Liabilities:
Below market tenant leases	$	75,451	$	77,851
Accumulated amortization	(40,542)		(40,871)
Net book value	$	34,909	$	36,980

Weighted-average amortization period in years	8.2		8.3

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


	Three Months Ended March 31,
	2021		2020
Rental income related to (above)/below market tenant leases, net	$	425	$	524
Amortization related to in place lease intangibles and lease commissions	(22,779)		(35,976)

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


	Assets		Liabilities
2021	$	55,162	$	5,945
2022	44,266		7,304
2023	34,588		5,153
2024	26,981		3,047
2025	21,712		2,482
Thereafter	119,585		10,978
Total	$	302,294	$	34,909