Intangibles

3 Months Ended

Mar. 31, 2022

Finite-Lived Intangible Assets, Net [Abstract]

Intangibles

Intangibles

The following is a summary of the carrying amount of intangible assets and liabilities, excluding assets classified as held for sale if applicable, as of March 31, 2022 and December 31, 2021 (in thousands):

	March 31, 2022						December 31, 2021
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Assets
In-place leases	$	441,072	$	(212,925)	$	228,147	$	441,072	$	(201,885)	$	239,187
Above-market leases	$	57,149	$	(25,939)	$	31,210	$	57,149	$	(24,437)	$	32,712
Liabilities
Below-market leases	$	32,155	$	(11,044)	$	21,111	$	32,155	$	(10,585)	$	21,570

The following is a summary of acquired lease intangible amortization for the three month periods ended March 31, 2022 and 2021 (in thousands):

	Three Months Ended March 31,
	2022		2021
Amortization expense related to in-place leases	$	11,040	$	8,314
Decrease in rental income related to above-market leases	1,502		927
Increase in rental income related to below-market leases	459		322

Future aggregate net amortization of acquired lease intangibles, excluding one asset classified as held for sale, as of March 31, 2022, is as follows (in thousands):

	Net Decrease in  Revenue		Net Increase in  Expenses
2022	$	2,585	$	31,535
2023	3,157		38,805
2024	2,961		33,382
2025	2,431		27,935
2026	1,281		21,818
Thereafter	(2,316)		74,672
Total	$	10,099	$	228,147

As of March 31, 2022, the weighted average remaining amortization period is 8 years for in-place, above market tenant lease, and leasehold interest intangibles assets and 16 years for below market tenant lease intangibles.