Intangibles

12 Months Ended

Dec. 31, 2021

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 (dollars in thousands):

	December 31,
Intangible lease assets	2021		2020
Gross intangible lease assets	$	797,675	$	761,328
Accumulated depreciation and amortization	(277,915)		(241,411)
Intangible assets, net(1)	$	519,760	$	519,917
Weighted average remaining amortization period in years	6		5

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(1)Excludes intangible assets reported in assets held for sale and discontinued operations, net of zero and $25 million as of December 31, 2021 and 2020.

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

	December 31,
Intangible lease liabilities	2021		2020
Gross intangible lease liabilities	$	234,917	$	194,565
Accumulated depreciation and amortization	(57,685)		(50,366)
Intangible liabilities, net	$	177,232	$	144,199
Weighted average remaining amortization period in years	8		8

The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands):

	Year Ended December 31,
	2021		2020		2019
Depreciation and amortization expense related to amortization of lease-up intangibles(1)	$	106,106	$	89,301	$	46,828
Rental and related revenues related to amortization of net below market lease liabilities(1)	20,597		11,717		6,319

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(1)Excludes amortization related to assets classified as discontinued operations.

During the year ended December 31, 2021, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $109 million and intangible liabilities of $57 million. The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 9 years.

During the year ended December 31, 2020, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $352 million and intangible liabilities of $83 million. The intangible assets and intangible liabilities acquired had a weighted average amortization period at acquisition of 7 years and 9 years, respectively.

The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands):

	Rental and Related Revenues(1)		Depreciation and Amortization(2)
2022	$	24,008	$	103,753
2023	23,250		98,511
2024	22,407		94,826
2025	21,383		83,308
2026	18,912		51,407
Thereafter	55,032		75,715
	$	164,992	$	507,520

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(1)The amortization of net below market lease intangibles is recorded as an increase to rental and related revenues.

(2)The amortization of lease-up intangibles is recorded to depreciation and amortization expense.

Goodwill

As of December 31, 2021 and 2020, the Company’s goodwill balance was $18 million, excluding the amount related to SHOP and senior housing triple-net portfolios classified as discontinued operations (see Note 5), and is recognized in other assets, net on the Consolidated Balance Sheets. See Note 16 for goodwill attributable to the Company's reportable segments. During the year ended December 31, 2021, the Company recognized a $29 million impairment charge, recognized within income (loss) from discontinued operations (see Note 6).