Intangibles

3 Months Ended

Mar. 31, 2023

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):

Intangible lease assets	March 31, 2023		December 31, 2022(1)
Gross intangible lease assets	$	767,224	$	770,285
Accumulated depreciation and amortization	(375,268)		(352,224)
Intangible assets, net	$	391,956	$	418,061
Weighted average remaining amortization period in years	5		5

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(1)Excludes intangible assets reported in assets held for sale of $2 million.

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

Intangible lease liabilities	March 31, 2023		December 31, 2022
Gross intangible lease liabilities	$	236,831	$	237,464
Accumulated depreciation and amortization	(87,227)		(81,271)
Intangible liabilities, net	$	149,604	$	156,193
Weighted average remaining amortization period in years	7		7

During the three months ended March 31, 2023, no intangible assets or liabilities were acquired.

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.