INTANGIBLES

12 Months Ended

Dec. 31, 2019

Intangibles [Abstract]

INTANGIBLES

NOTE 10 – INTANGIBLES

The following is a summary of our intangibles as of December 31, 2019 and 2018:

	December 31,
	2019			2018
	(in thousands)
Assets:
Goodwill	$	644,415	$	643,950
Above market leases	$	49,240	$	22,410
Accumulated amortization		(21,227)		(19,203)
Net intangible assets	$	28,013	$	3,207
Liabilities:
Below market leases	$	147,292	$	143,669
Accumulated amortization		(87,154)		(79,226)
Net intangible liabilities	$	60,138	$	64,443

As disclosed in Note 3 – Properties, certain above market lease assets and below market lease liabilities acquired in the MedEquities Merger are subject to further adjustment pending completion of the purchase accounting.

For the years ended December 31, 2019, 2018 and 2017, our net amortization related to intangibles was $5.9 million, $10.7 million and $11.9 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2020 – $4.9 million; 2021 – $4.7 million; 2022 – $4.4 million; 2023 – $4.2 million; 2024 – $4.0 million and $9.9 million thereafter. As of December 31, 2019, the weighted average remaining amortization period of above market lease assets is approximately eleven years and of below market lease liabilities is approximately nine years.

The following is a summary of our goodwill:

	(in thousands)
Balance as of December 31, 2017	$	644,690
Less: foreign currency translation		(740)
Balance as of December 31, 2018		643,950
Add: foreign currency translation		465
Balance as of December 31, 2019	$	644,415