Intangibles

9 Months Ended

Sep. 30, 2023

Intangibles [Abstract]

Intangibles

Intangibles

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

Intangible lease assets	September 30, 2023		December 31, 2022(1)
Gross intangible lease assets	$	755,903	$	770,285
Accumulated depreciation and amortization	(416,712)		(352,224)
Intangible assets, net	$	339,191	$	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	September 30, 2023		December 31, 2022
Gross intangible lease liabilities	$	230,896	$	237,464
Accumulated depreciation and amortization	(97,228)		(81,271)
Intangible liabilities, net	$	133,668	$	156,193
Weighted average remaining amortization period in years	7		7

During the nine months ended September 30, 2023, in conjunction with the Company’s acquisition of real estate, the Company acquired $0.5 million of intangible assets with a weighted average amortization period at acquisition of 5 years.

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.