Real Estate Intangibles (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Real Estate Intangibles Excluding Those Related to Ground Lease or Classified as Held For Sale

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

	March 31, 2022		December 31, 2021
Assets:
In place lease intangibles	$	1,732,980	$	1,681,533
Above market tenant leases	53,988		53,964
Lease commissions	57,812		54,131
Gross historical cost	1,844,780		1,789,628
Accumulated amortization	(1,338,046)		(1,286,259)
Net book value	$	506,734	$	503,369
Weighted-average amortization period in years	7.2		5.5
Liabilities:
Below market tenant leases	$	74,910	$	74,909
Accumulated amortization	(47,174)		(45,291)
Net book value	$	27,736	$	29,618
Weighted-average amortization period in years	8.3		8.2

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 March 31,
	2022		2021
Rental income related to (above)/below market tenant leases, net	$	385	$	425
Amortization related to in place lease intangibles and lease commissions	(47,994)		(22,779)

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
2022	$	138,363	$	5,482
2023	132,163		5,262
2024	63,179		3,117
2025	26,311		2,588
2026	22,718		2,077
Thereafter	124,000		9,210
Total	$	506,734	$	27,736