Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Identified Intangibles, Net [Abstract]

Schedule of Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following as of December 31, 2017 and 2016, respectively (in thousands, except weighted average remaining amortization):

	December 31, 2017				December 31, 2016
	Balance			Weighted Average Remaining Amortization in Years	Balance			Weighted Average Remaining Amortization in Years
Assets:
In place leases	$	474,252		9.8	$	294,597		9.7
Tenant relationships	164,947			10.2	172,974			10.6
Above market leases	40,082			6.3	28,401			6.3
Below market leasehold interests	92,362			63.4	38,136			60.4
	771,643				534,108
Accumulated amortization	(312,655		)		(256,305		)
Total	$	458,988		19.5	$	277,803		16.1
Liabilities:
Below market leases	$	61,820		14.7	$	34,370		18.6
Above market leasehold interests	20,610			50.1	11,632			53.0
	82,430				46,002
Accumulated amortization	(14,227		)		(8,946		)
Total	$	68,203		25.0	$	37,056		28.5

Summary of Net Intangible Amortization

The following is a summary of the net intangible amortization for the years ended December 31, 2017, 2016 and 2015, respectively (in thousands):

	Year Ended December 31,
	2017			2016		2015
Amortization recorded against rental income related to above and (below) market leases	$	(526	)	$	255	$	1,936
Rental expense related to above and (below) market leasehold interests	880			453		414
Amortization expense related to in place leases and tenant relationships	64,896			52,213		47,444

Schedule of Amortization of Intangible Assets and Liabilities

As of December 31, 2017, the amortization of intangible assets and liabilities is as follows (in thousands):

Year	Assets		Liabilities
2018	$	71,892	$	6,761
2019	60,202		6,508
2020	47,572		5,742
2021	38,842		4,893
2022	30,884		4,432
Thereafter	209,596		39,867
Total	$	458,988	$	68,203