Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Identified Intangibles, Net [Abstract]

Schedule of Intangible Assets and Liabilities

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



	December 31, 2019				December 31, 2018
	Balance			Weighted Average Remaining Amortization in Years	Balance			Weighted Average Remaining Amortization in Years
Assets:
In place leases	$	481,173		9.5	$	449,424		9.8
Tenant relationships	146,893			9.7	150,440			9.4
Above market leases	37,613			6.2	36,862			6.1
Below market leasehold interests ⁽¹⁾	—			—	91,759			64.3
	665,679				728,485
Accumulated amortization	(387,827		)		(355,576		)
Total	$	277,852		9.4	$	372,909		22.1

Liabilities:
Below market leases	$	65,966		13.9	$	61,395		14.6
Above market leasehold interests ⁽¹⁾	—			—	20,610			49.2
	65,966				82,005
Accumulated amortization	(27,187		)		(20,859		)
Total	$	38,779		13.9	$	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 December 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 years ended December 31, 2019, 2018 and 2017, respectively (in thousands):



	Year Ended December 31,
	2019			2018			2017
Amortization recorded against rental income related to above and (below) market leases	$	(4,422	)	$	(913	)	$	(526	)
Rental expense related to above and (below) market leasehold interests ⁽¹⁾	—			1,129			880
Amortization expense related to in place leases and tenant relationships	60,363			68,394			64,896

(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 for the year ended December 31, 2019 does not conform to the prior year presentation.

Schedule of Amortization of Intangible Assets and Liabilities

As of December 31, 2019, the amortization of intangible assets and liabilities is as follows (in thousands):



Year	Assets		Liabilities
2020	$	56,609	$	7,138
2021	43,795		4,955
2022	33,695		4,346
2023	27,472		3,719
2024	22,656		3,160
Thereafter	93,625		15,461
Total	$	277,852	$	38,779