Real estate-related intangible assets, net consist of the following items ($ in thousands):

(1)

Above-market lease assets are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Above-market lease assets are amortized over the non-cancelable term of the leases.

(2)

In-place lease assets are recognized during asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. In-place lease assets are amortized over the non-cancelable term of the leases.

The amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 ($ in thousands):


	Income Statement	For the Years Ended December 31,
Intangible asset	Location	2021		2020		2019
Above-market lease assets (decrease to income)	Operating lease income	$	3,255	$	3,310	$	3,144
In-place lease assets (decrease to income)	Depreciation and amortization		3,525		3,396		3,342
Other intangible assets (decrease to income)	Operating lease income		8		8		8

The estimated expense from the amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):⁽¹⁾


Year	Amount
2022	$	6,712
2023		6,696
2024		6,648
2025		6,648
2026		6,648

(1)	As of December 31, 2021, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 79.1 years.

Real estate-related intangible liabilities, net consist of the following items ($ in thousands):


	As of December 31, 2021
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Below-market lease liabilities⁽¹⁾	$	68,618	$	(3,189)	$	65,429


	As of December 31, 2020
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Below-market lease liabilities⁽¹⁾	$	68,618	$	(2,350)	$	66,268

(1)

Below-market lease liabilities are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Below-market lease liabilities are amortized over the non-cancelable term of the leases.

The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the years ended December 31, 2021, 2020 and 2019 ($ in thousands):


	Income Statement	For the Years Ended December 31,
Intangible liability	Location	2021		2020		2019
Below-market lease liabilities (increase to income)	Operating lease income	$	838	$	669	$	642

Future Minimum Operating Lease Payments—Future minimum lease payments to be collected under non-cancelable operating leases, excluding lease payments that are not fixed and determinable, in effect as of December 31, 2021, are as follows by year ($ in thousands):


			Fixed Bumps						Fixed
			with						Bumps with
	Inflation-		Inflation		Fixed		Percentage		Percentage
Year	Linked		Adjustments		Bumps		Rent		Rent		Total
2022	$	5,357	$	16,928	$	2,185	$	11,018	$	356	$	35,844
2023		5,357		17,347		2,213		11,018		281		36,216
2024		5,357		17,677		2,247		11,018		51		36,350
2025		5,357		18,004		2,313		11,018		51		36,743
2026		5,357		18,370		2,357		986		51		27,121
Thereafter		407,341		4,326,865		435,496		16,812		77		5,186,591