Acquired Lease Intangibles

Intangible assets and liabilities as of December 31, 2017 and 2016 consisted of the following (in thousands):



	December 31, 2017			December 31, 2016
Assets:
In-place leases	$	99,924		$	93,952
Accumulated amortization	(36,971		)	(33,034		)
Above-market leases	33,176			30,251
Accumulated amortization	(13,351		)	(11,964		)
Acquired lease intangible assets, net	$	82,778		$	79,205
Liabilities:
Below-market leases	$	222,929		$	190,321
Accumulated amortization	(43,945		)	(35,363		)
Acquired lease intangible liabilities, net	$	178,984		$	154,958

For the years ended December 31, 2017, 2016 and 2015, the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above and below market leases was $17.1 million, $13.8 million and $9.9 million, respectively, which amounts are included in base rents in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2017, 2016 and 2015, the net amortization of in-place leases was $14.4 million, $15.6 million and $13.2 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, 2017 is as follows (in thousands):



Year Ending December 31:
2018	$	14,085
2019	10,270
2020	8,312
2021	6,554
2022	5,523
Thereafter	38,034
Total future amortization of acquired lease intangible assets	$	82,778

The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2017 is as follows (in thousands):



Year Ending December 31:
2018	$	15,297
2019	14,334
2020	13,275
2021	12,064
2022	11,045
Thereafter	112,969
Total future amortization of acquired lease intangible liabilities	$	178,984