Real Estate Intangibles

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

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):


	September 30, 2022		December 31, 2021
Assets:
In place lease intangibles	$	1,801,657	$	1,681,533
Above market tenant leases	56,844		53,964
Lease commissions	62,302		54,131
Gross historical cost	1,920,803		1,789,628
Accumulated amortization	(1,416,849)		(1,286,259)
Net book value	$	503,954	$	503,369

Weighted-average amortization period in years	7.4		5.5

Liabilities:
Below market tenant leases	$	77,071	$	74,909
Accumulated amortization	(50,642)		(45,291)
Net book value	$	26,429	$	29,618

Weighted-average amortization period in years	8.5		8.2

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,
	2022		2021		2022		2021
Rental income related to (above)/below market tenant leases, net	$	358	$	384	$	1,094	$	1,241
Amortization related to in place lease intangibles and lease commissions	(60,176)		(32,872)		(158,364)		(76,083)

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


	Assets		Liabilities
2022	$	48,478	$	2,458
2023	161,778		5,106
2024	85,462		3,554
2025	35,610		2,911
2026	28,159		2,430
Thereafter	144,467		9,970
Total	$	503,954	$	26,429