We have recorded lease and internal-use software development intangibles that are being amortized over periods ranging from one year to 38 years. In-place lease intangibles, at cost are included in In-place lease intangible assets and other in the consolidated financial statements. Above-market rent intangibles, at cost are included in Above-market rent intangible assets in the consolidated financial statements. Accumulated amortization of in-place lease and above-market rent intangibles is included in Accumulated depreciation and amortization in the consolidated financial statements. Internal-use software development intangibles are included in Other assets, net in the consolidated financial statements. Below-market rent intangibles are included in Below-market rent intangible liabilities, net in the consolidated financial statements.

In connection with certain business combinations, we recorded goodwill as a result of consideration exceeding the fair values of the assets acquired and liabilities assumed (Note 2). The following table presents a reconciliation of our goodwill (in thousands):


	Goodwill
Balance at January 1, 2023	$	1,037,412
Allocation of goodwill distributed to NLOP (Note 3)	(61,737)
Foreign currency translation adjustments	2,614
Balance at December 31, 2023	978,289
Foreign currency translation adjustments	(10,446)
Balance at December 31, 2024	967,843
Foreign currency translation adjustments	19,228
Balance at December 31, 2025	$	987,071

Current accounting guidance requires that we test for the recoverability of goodwill at least annually, or more frequently if events or changes in circumstances indicate that the carrying value of goodwill may not be recoverable. We performed our annual test for impairment in October 2025 and found no impairment indicated.


	December 31,
	2025						2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Internal-use software development costs	$	3,996	$	(1,578)	$	2,418	$	2,778	$	(999)	$	1,779
	3,996		(1,578)		2,418		2,778		(999)		1,779
Lease Intangibles:
In-place lease	2,316,097		(993,737)		1,322,360		2,157,163		(938,574)		1,218,589
Above-market rent	668,707		(498,138)		170,569		665,495		(481,355)		184,140
	2,984,804		(1,491,875)		1,492,929		2,822,658		(1,419,929)		1,402,729
Goodwill
Goodwill	987,071		—		987,071		967,843		—		967,843
Total intangible assets	$	3,975,871	$	(1,493,453)	$	2,482,418	$	3,793,279	$	(1,420,928)	$	2,372,351

Finite-Lived Intangible Liabilities
Below-market rent	$	(202,319)	$	98,264	$	(104,055)	$	(197,971)	$	78,140	$	(119,831)
Total intangible liabilities	$	(202,319)	$	98,264	$	(104,055)	$	(197,971)	$	78,140	$	(119,831)

During 2025, the U.S. dollar weakened against the euro, resulting in an increase of $45.0 million in the carrying value of our net intangible assets from December 31, 2024 to December 31, 2025. See Note 6 for a description of intangible assets and liabilities reclassified to net investments in sales-type leases during the year ended December 31, 2025.

Net amortization of intangibles, including the effect of foreign currency translation, was $174.7 million, $186.7 million, and $247.5 million for the years ended December 31, 2025, 2024, and 2023, respectively. Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to Lease revenues and amortization of internal-use software development and in-place lease intangibles is included in Depreciation and amortization.

Based on the intangible assets and liabilities recorded at December 31, 2025, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows (in thousands):


Years Ending December 31,	Net Decrease (Increase) in Lease Revenues		Increase to Amortization		Total
2026	$	15,862	$	137,206	$	153,068
2027	14,564		125,231		139,795
2028	12,950		114,466		127,416
2029	12,466		104,714		117,180
2030	11,818		98,106		109,924
Thereafter	(1,146)		745,055		743,909
Total	$	66,514	$	1,324,778	$	1,391,292