Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)
Details of intangible assets as of December 31 are as follows:
2023
2022
In-place lease intangibles ................................... $ Accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . In-placeleaseintangibles,net................................ $
52,138
$
67,935
(49,054)
(60,859)
3,084
$
7,076
2023
2022
Acquired above market lease intangibles . . . . . . . . . . . . . . . . . . . . . . . $ Accumulated amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Acquired above market lease intangibles, net ................... $
119,985 (114,356)
$ 130,556
(119,860)
5,629
$
10,696
Estimated future amortization and the increasing (decreasing) effect on lease income for our above and below market leases as of December 31, 2023 are as follows: Below Above Impact to Market Market Lease Leases Leases Income, Net 2024 ........................................... $ 3,467 $ (3,634) $ (167) 2025 ........................................... 2,347 (1,522) 825 2026 ........................................... 1,568 (446) 1,122 2027 ........................................... 1,252 (27) 1,225 2028 ........................................... 1,212 — 1,212 Thereafter....................................... 1,246 — 1,246 $ 11,092 $ (5,629) $ 5,463 Derivative Financial Instruments We record all derivatives on our consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have designated a derivative as a hedge and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. We may use a variety of derivative financial instruments in the normal course of business to selectively manage or hedge a portion of the risks associated with our indebtedness and interest payments. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps and caps. We require that hedging derivative instruments be highly effective in reducing the risk exposure that they are designated to hedge. We generally formally designate instruments that meets these hedging criteria as a hedge at the inception of the derivative contract. We have no credit-risk-related hedging or derivative activities.
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