Intangibles

9 Months Ended

Sep. 30, 2020

Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. The following table summarizes the Company’s intangible lease assets (dollars in thousands):


Intangible lease assets	September 30, 2020		December 31, 2019
Gross intangible lease assets	$	722,259	$	615,538
Accumulated depreciation and amortization	(220,676)		(283,845)
Intangible assets, net(1)	$	501,583	$	331,693

Weighted average remaining amortization period in years	6		5

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(1)Excludes intangible assets held for sale of $14 million and $11 million as of September 30, 2020 and December 31, 2019, respectively.

Intangible liabilities consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (dollars in thousands):


Intangible lease liabilities	September 30, 2020		December 31, 2019
Gross intangible lease liabilities	$	153,624	$	113,213
Accumulated depreciation and amortization	(45,593)		(38,222)
Intangible liabilities, net	$	108,031	$	74,991

Weighted average remaining amortization period in years	8		7

During the nine months ended September 30, 2020, in conjunction with the Company’s acquisitions of real estate (including the consolidation of 13 CCRCs in which the Company acquired Brookdale’s interest as part of the 2019 Brookdale MTCA - see Note 3), the Company acquired intangible assets of $298 million and intangible liabilities of $42 million. The intangible assets and liabilities acquired have a weighted average amortization period of 7 years and 10 years, respectively.

On January 1, 2019, in conjunction with the adoption of ASU 2016-12 (see Note 2), the Company reclassified $39 million of intangible assets, net and $6 million of intangible liabilities, net related to above and below market ground leases to right-of-use asset, net.