Intangible Assets on Real Estate Acquisitions

12 Months Ended

Dec. 31, 2020

Intangible Assets on Real Estate Acquisitions

Intangible Assets on Real Estate Acquisitions

Intangible Assets on Real Estate Acquisitions

Intangible assets on real estate acquisitions consisted of the following (in thousands):

	December 31, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
In-place lease value	$	131,974	$	123,291	$	8,683	$	131,975	$	120,894	$	11,081
Tenant relationship value	59,069		49,055		10,014		59,131		43,544		15,587
Above-market leases	13,718		13,380		338		13,718		13,318		400
Other	1,333		1,024		309		1,333		1,009		324
	$	206,094	$	186,750	$	19,344	$	206,157	$	178,765	$	27,392

Amortization of intangible assets on real estate acquisitions totaled $8.0 million in 2020, $8.7 million in 2019 and $15.6 million in 2018. The approximate weighted average amortization periods of the categories set forth above follow: in-place lease value: six years; tenant relationship value: eight years; above-market leases: eight years; and other: 22 years. The approximate weighted average amortization period for all of the categories combined is seven years. The estimated amortization (to amortization associated with real estate operations, rental revenue and property operating expenses) associated with the intangible asset categories set forth above for the next five years is: $4.7 million for 2021; $3.2 million for 2022; $2.8 million for 2023; $2.3 million for 2024; and $2.0 million for 2025.