Real Estate Intangibles

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands):


	September 30, 2020		December 31, 2019
Assets:
In place lease intangibles	$	1,410,935	$	1,513,836
Above market tenant leases	55,437		59,540
Lease commissions	42,681		43,675
Gross historical cost	1,509,053		1,617,051
Accumulated amortization	(1,171,721)		(1,181,158)
Net book value	$	337,332	$	435,893

Weighted-average amortization period in years	10.9		10.3

Liabilities:
Below market tenant leases	$	81,385	$	99,035
Accumulated amortization	(41,662)		(49,390)
Net book value	$	39,723	$	49,645

Weighted-average amortization period in years	8.3		8.6

The following is a summary of real estate intangible amortization income (expense) for the periods presented (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Rental income related to (above)/below market tenant leases, net	$	327	$	291	$	1,252	$	210
Amortization related to in place lease intangibles and lease commissions	(28,948)		(48,414)		(98,241)		(101,837)

The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands):


	Assets		Liabilities
2020	$	23,561	$	2,146
2021	63,988		8,135
2022	43,080		7,448
2023	34,711		5,228
2024	27,088		3,082
Thereafter	144,904		13,684
Total	$	337,332	$	39,723