Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets and liabilities as of December 31, 2019 and 2018 consisted of the following (in thousands):


	December 31,
	2019		2018
Assets:
In-place leases	$	77,910	$	92,354
Accumulated amortization	(31,686)		(36,835)
Above-market leases	25,039		30,093
Accumulated amortization	(11,562)		(13,503)
Acquired lease intangible assets, net	$	59,701	$	72,109
Liabilities:
Below-market leases	$	198,272	$	217,212
Accumulated amortization	(53,515)		(51,066)
Acquired lease intangible liabilities, net	$	144,757	$	166,146

For the years ended December 31, 2019, 2018 and 2017, the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above and below market leases was $15.6 million, $14.0 million and $17.1 million, respectively, which amounts are included in Rental revenue in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2019, 2018 and 2017, the amortization of in-place leases was $8.1 million, $11.4 million and $14.4 million, respectively, which amounts are included in Depreciation and amortization in the accompanying consolidated statements of operations and comprehensive income.

The scheduled future amortization of acquired lease intangible assets as of December 31, 2019 is as follows (in thousands):


Year Ending December 31:
2020	$	5,179
2021	4,138
2022	3,440
2023	2,862
2024	2,458
Thereafter	41,624
Total future amortization of acquired lease intangible assets	$	59,701

The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2019 is as follows (in thousands):


Year Ending December 31:
2020	$	12,289
2021	11,123
2022	10,229
2023	9,485
2024	9,324
Thereafter	92,307
Total future amortization of acquired lease intangible liabilities	$	144,757