GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2021

Goodwill and Other Intangibles [Abstract]

GOODWILL AND OTHER INTANGIBLES

NOTE 12 – GOODWILL AND OTHER INTANGIBLES

The following is a summary of our goodwill:

	(in thousands)
Balance as of December 31, 2020	$	651,737
Foreign currency translation		(320)
Balance as of December 31, 2021	$	651,417

The following is a summary of our lease intangibles as of December 31, 2021 and 2020:

	December 31,		December 31,
	2021			2020
	(in thousands)
Assets:
Above market leases	$	5,929	$	22,822
Accumulated amortization		(4,313)		(20,882)
Net above market leases	$	1,616	$	1,940
Liabilities:
Below market leases	$	66,324	$	139,515
Accumulated amortization		(38,091)		(100,996)
Net below market leases	$	28,233	$	38,519

For the years ended December 31, 2021, 2020 and 2019, our net amortization related to intangibles was $9.5 million, $14.2 million and $5.9 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2022 – $4.1 million; 2023 – $4.0 million; 2024 – $3.9 million; 2025 – $3.7 million; 2026 – $2.9 million and $8.1 million thereafter. As of December 31, 2021, the weighted average remaining amortization period of above market lease assets is approximately ten years and of below market lease liabilities is approximately eight years.