Real Estate Intangibles

12 Months Ended

Dec. 31, 2023

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):


	December 31, 2023		December 31, 2022
Assets:
In place lease intangibles	$	2,001,827	$	1,817,580
Above market tenant leases	66,663		57,203
Lease commissions	97,980		70,675
Gross historical cost	2,166,470		1,945,458
Accumulated amortization	(1,651,656)		(1,484,048)
Net book value	$	514,814	$	461,410

Weighted-average amortization period in years	6.7		7.6

Liabilities:
Below market tenant leases	$	70,364	$	77,985

Accumulated amortization	(47,939)		(52,701)
Net book value	$	22,425	$	25,284

Weighted-average amortization period in years	8.4		8.4

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


	Year Ended December 31,
	2023		2022		2021
Rental income related to (above)/below market tenant leases, net	$	384	$	1,551	$	1,680
Amortization related to in place lease intangibles and lease commissions	(226,663)		(217,187)		(115,579)

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


	Assets		Liabilities
2024	$	212,725	$	4,450
2025	76,031		3,534
2026	44,257		2,889
2027	34,860		2,440
2028	29,095		1,834
Thereafter	117,846		7,278
Totals	$	514,814	$	22,425