Real Estate Intangibles

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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):


	December 31, 2022		December 31, 2021
Assets:
In place lease intangibles	$	1,817,580	$	1,681,533
Above market tenant leases	57,203		53,964
Lease commissions	70,675		54,131
Gross historical cost	1,945,458		1,789,628
Accumulated amortization	(1,484,048)		(1,286,259)
Net book value	$	461,410	$	503,369

Weighted-average amortization period in years	7.6		5.5

Liabilities:
Below market tenant leases	$	77,985	$	74,909

Accumulated amortization	(52,701)		(45,291)
Net book value	$	25,284	$	29,618

Weighted-average amortization period in years	8.4		8.2

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


	Year Ended December 31,
	2022		2021		2020
Rental income related to (above)/below market tenant leases, net	$	1,551	$	1,680	$	1,710
Amortization related to in place lease intangibles and lease commissions	(217,187)		(115,579)		(121,004)

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


	Assets		Liabilities
2023	$	163,759	$	6,073
2024	94,771		3,854
2025	42,068		2,908
2026	45,006		2,435
2027	37,012		1,888
Thereafter	78,794		8,126
Totals	$	461,410	$	25,284