Intangibles

12 Months Ended

Dec. 31, 2022

Intangibles [Abstract]

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	2022		2021
Gross intangible lease assets	$	770,285	$	797,675
Accumulated depreciation and amortization	(352,224)		(277,915)
Intangible assets, net(1)	$	418,061	$	519,760
Weighted average remaining amortization period in years	5		6

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(1)Excludes intangible assets reported in assets held for sale of $2 million and zero as of December 31, 2022 and 2021, respectively.

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	2022		2021
Gross intangible lease liabilities	$	237,464	$	234,917
Accumulated depreciation and amortization	(81,271)		(57,685)
Intangible liabilities, net	$	156,193	$	177,232
Weighted average remaining amortization period in years	7		8

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

	Year Ended December 31,
	2022		2021		2020
Depreciation and amortization expense related to amortization of lease-up intangibles(1)	$	104,885	$	106,106	$	89,301
Rental and related revenues related to amortization of net below market lease liabilities(1)	24,640		20,597		11,717

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

During the year ended December 31, 2022, in conjunction with the Company’s acquisitions of real estate, the Company acquired intangible assets of $7 million and intangible liabilities of $6 million. The intangible assets and liabilities acquired had a weighted average amortization period at acquisition of 7 years and 11 years, respectively.

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 intangible liabilities acquired each had a weighted average amortization period at acquisition of 9 years.

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

	Rental and Related Revenues		Depreciation and Amortization
2023	$	24,036	$	99,784
2024	22,913		95,570
2025	21,891		83,984
2026	19,397		51,948
2027	15,393		26,349
Thereafter	43,356		51,219
	$	146,986	$	408,854

Goodwill

At each of December 31, 2022 and 2021, the Company’s goodwill balance was $18 million 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 goodwill impairment charge, recognized within income (loss) from discontinued operations (see Note 6).