INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2021

Finite-Lived Intangible Assets, Net [Abstract]


5. INTANGIBLE ASSETS AND LIABILITIES

Goodwill—During the years ended December 31, 2021, 2020, and 2019, we recorded no impairments to goodwill.

Other Intangible Assets and Liabilities—Other intangible assets and liabilities consisted of the following as of December 31, 2021 and 2020, excluding amounts related to other intangible assets and liabilities classified as held for sale (in thousands):


	2021				2020
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Corporate intangible assets	$	6,706	$	(5,284)	$	6,804	$	(4,922)
In-place leases	452,504		(229,969)		441,683		(204,698)
Above-market leases	68,736		(46,335)		66,106		(41,125)
Below-market lease liabilities	(162,077)		54,551		(150,579)		48,834

Summarized below is the amortization recorded on other intangible assets and liabilities for the years ended December 31, 2021, 2020, and 2019 (in thousands):


	2021		2020		2019
Corporate intangible assets	$	372	$	2,478	$	2,735
In-place leases	34,221		36,000		42,902
Above-market leases	6,319		6,890		7,502
Below-market lease liabilities	(9,900)		(10,063)		(11,687)

During the year ended December 31, 2019, we recorded an impairment of $7.8 million related to the management contracts intangible asset; please refer to Note 16. In addition, the portion of this asset that was related to our contract with REIT III was internalized as part of the merger with REIT III. As a result, during the year ended December 31, 2019, we derecognized a net book value of $1.1 million of these intangible assets and included the amount within capitalized asset acquisition costs for that transaction. We evaluated the useful life of the remaining management contracts after this derecognition and concluded that the asset had a remaining useful life of one year, which was fully amortized in 2020.

Estimated future amortization of the respective other intangible assets and liabilities as of December 31, 2021, excluding estimated amounts related to other intangible assets and liabilities classified as held for sale, for each of the next five years is as follows (in thousands):


	Corporate Intangible Assets		In-Place Leases		Above-Market Leases		Below-Market Lease Liabilities
2022	$	365	$	29,866	$	5,250	$	(9,886)
2023	365		25,816		3,870		(9,114)
2024	328		22,339		2,586		(8,506)
2025	—		18,970		1,522		(7,838)
2026	—		16,812		942		(7,502)