Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Identified Intangibles, Net [Abstract]

Schedule of Intangible Assets and Liabilities

Intangible assets and liabilities consisted of the following as of March 31, 2019 and December 31, 2018, respectively (in thousands, except weighted average remaining amortization terms):



	March 31, 2019				December 31, 2018
	Balance			Weighted Average Remaining Amortization in Years	Balance			Weighted Average Remaining Amortization in Years
Assets:
In place leases	$	447,922		9.8	$	449,424		9.8
Tenant relationships	148,646			9.4	150,440			9.4
Above market leases	36,860			6.2	36,862			6.1
Below market leasehold interests ⁽¹⁾	—				91,759			64.3
	633,428				728,485
Accumulated amortization	(359,593		)		(355,576		)
Total	$	273,835		9.6	$	372,909		22.1

Liabilities:
Below market leases	$	61,135		14.6	$	61,395		14.6
Above market leasehold interests ⁽¹⁾	—				20,610			49.2
	61,135				82,005
Accumulated amortization	(20,315		)		(20,859		)
Total	$	40,820		14.6	$	61,146		25.3

(1) As a result of the adoption of Topic 842 on January 1, 2019, the presentation of below and above market leasehold interests as of March 31, 2019 does not conform to the prior year presentation.

Summary of Net Intangible Amortization

The following is a summary of the net intangible amortization for the three months ended March 31, 2019 and 2018, respectively (in thousands):



	Three Months Ended March 31,
	2019			2018
Amortization recorded against rental income related to above and (below) market leases	$	(491	)	$	(62	)
Rental expense related to above and (below) market leasehold interests ⁽¹⁾	—			277
Amortization expense related to in place leases and tenant relationships	14,665			17,648

(1) As a result of the adoption of Topic 842 on January 1, 2019, the presentation of rental expense related to above and (below) market leasehold interests as of March 31, 2019 does not conform to the prior year presentation.