Goodwill and Intangibles (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill and Intangibles

Summary of intangibles assets

The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of June 30, 2019 and December 31, 2018 (amounts in thousands):

	As of June 30, 2019						As of December 31, 2018
	Gross Carrying		Accumulated		Net Carrying		Gross Carrying		Accumulated		Net Carrying
	Value		Amortization		Value		Value		Amortization		Value
Domestic servicing rights, at fair value	$	18,874	$	—	$	18,874	$	20,557	$	—	$	20,557
In-place lease intangible assets		196,644		(111,271)		85,373		198,220		(100,873)		97,347
Favorable lease intangible assets		36,645		(11,415)		25,230		36,895		(9,766)		27,129
Total net intangible assets	$	252,163	$	(122,686)	$	129,477	$	255,672	$	(110,639)	$	145,033

Summary of activity within intangible assets

The following table summarizes the activity within intangible assets for the six months ended June 30, 2019 (amounts in thousands):

	Domestic		In-place Lease		Favorable Lease
	Servicing		Intangible		Intangible
	Rights		Assets		Assets		Total
Balance as of January 1, 2019	$	20,557	$	97,347	$	27,129	$	145,033
Amortization		—		(10,680)		(1,728)		(12,408)
Foreign exchange loss		—		(241)		(65)		(306)
Impairment (1)		—		(1,053)		(106)		(1,159)
Changes in fair value due to changes in inputs and assumptions		(1,683)		—		—		(1,683)
Balance as of June 30, 2019	$	18,874	$	85,373	$	25,230	$	129,477

(1) Impairment of intangible lease assets is recognized within other expense in our condensed consolidated statements of operations.

Schedule of future amortization expense

The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands):

2019 (remainder of)	$	10,350
2020		17,004
2021		14,716
2022		12,208
2023		8,976
Thereafter		47,349
Total	$	110,603