Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Intangible Assets, Net

Intangible Assets, Net

7.          Intangible Assets, Net

The following is a summary of the intangible assets, net:

	December 31, 2022						December 31, 2021
	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
	(In thousands)
Deferred leasing costs	$	182,609	$	(88,540)	$	94,069	$	219,751	$	(95,009)	$	124,742
Lease intangible assets:
In-place leases		22,449		(12,390)		10,059		27,793		(15,241)		12,552
Above-market real estate leases		6,110		(4,564)		1,546		6,585		(4,401)		2,184
		28,559		(16,954)		11,605		34,378		(19,642)		14,736
Other identified intangible assets:
Wireless spectrum licenses		25,780		—		25,780		25,780		—		25,780
Option to enter into ground lease		17,090		—		17,090		17,090		—		17,090
Management and leasing contracts		45,900		(32,198)		13,702		45,900		(26,292)		19,608
		88,770		(32,198)		56,572		88,770		(26,292)		62,478
Total intangible assets, net	$	299,938	$	(137,692)	$	162,246	$	342,899	$	(140,943)	$	201,956

The following is a summary of amortization expense related to lease and other identified intangible assets:

	Year Ended December 31,
	2022		2021		2020
	(In thousands)
In-place lease amortization (1)	$	8,594	$	4,171	$	5,695
Above-market real estate lease amortization (2)		738		1,032		1,582
Management and leasing contract amortization (1)		5,905		5,905		6,002
Other amortization		—		—		16
Total amortization expense related to lease and other identified intangible assets	$	15,237	$	11,108	$	13,295

(1) Amounts are included in "Depreciation and amortization expense" in our consolidated statements of operations.

(2) Amounts are included in "Property rental revenue" in our consolidated statements of operations.

The following is a summary of the estimated amortization related to lease and other identified intangible assets for the next five years and thereafter as of December 31, 2022:

Year ending December 31,	Amount
	(In thousands)
2023	$	11,206
2024		7,481
2025		3,253
2026		1,034
2027		575
Thereafter		1,758
Total (1)	$	25,307

(1) Estimated amortization related to the option to enter into ground lease is excluded from the amortization table above as the ground lease does not have a definite start date. Additionally, the wireless spectrum licenses are excluded from the amortization table as they are indefinite-lived intangible assets.