Intangibles

3 Months Ended

Mar. 31, 2020

Intangibles

Intangibles

Intangibles

Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (in thousands):

Intangible lease assets	March 31, 2020			December 31, 2019
Gross intangible lease assets	$	887,516		$	615,538
Accumulated depreciation and amortization	(337,168		)	(283,845		)
Intangible assets, net	$	550,348		$	331,693

Intangible liabilities primarily consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (in thousands):

Intangible lease liabilities	March 31, 2020			December 31, 2019
Gross intangible lease liabilities	$	113,213		$	113,213
Accumulated depreciation and amortization	(41,076		)	(38,222		)
Intangible liabilities, net	$	72,137		$	74,991

During the three months ended March 31, 2020, including intangible assets that were recognized in conjunction with consolidating 13 CCRCs in which the Company acquired Brookdale’s interest as part of the 2019 Brookdale MTCA (see Note 3), the Company acquired intangible assets of $273 million, with a weighted average amortization period of 6 years. No intangible liabilities were acquired during the three months ended March 31, 2020.

On January 1, 2019, in conjunction with the adoption of ASU 2016-12 (see Note 2), the Company reclassified $39 million of intangible assets, net and $6 million of intangible liabilities, net related to above and below market ground leases to right-of-use asset, net.