Real Estate Intangibles

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Real Estate Intangibles

Real Estate Intangibles 

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

	June 30, 2022		December 31, 2021
Assets:
In place lease intangibles	$	1,786,965	$	1,681,533
Above market tenant leases	55,198		53,964
Lease commissions	59,978		54,131
Gross historical cost	1,902,141		1,789,628
Accumulated amortization	(1,375,588)		(1,286,259)
Net book value	$	526,553	$	503,369
Weighted-average amortization period in years	6.9		5.5
Liabilities:
Below market tenant leases	$	75,960	$	74,909
Accumulated amortization	(48,683)		(45,291)
Net book value	$	27,277	$	29,618
Weighted-average amortization period in years	8.4		8.2

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Rental income related to (above)/below market tenant leases, net	$	351	$	432	$	736	$	857
Amortization related to in place lease intangibles and lease commissions	(50,194)		(20,432)		(98,188)		(43,211)

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

	Assets		Liabilities
2022	$	106,003	$	3,728
2023	145,427		5,485
2024	74,517		3,321
2025	26,749		2,770
2026	27,838		2,249
Thereafter	146,019		9,724
Total	$	526,553	$	27,277