INTANGIBLE ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

INTANGIBLE ASSETS AND LIABILITIES

The following table summarizes the Company’s intangible assets and liabilities as of December 31, 2019 and 2018 (in thousands):

	December 31,
	2019			2018
Lease Intangible Assets:
Above market leases	$	51,040		$	61,572
Tenant origination and absorption costs	65,234			73,323
Tenant relationship	23,150			26,936
Gross lease intangible assets	139,424			161,831
Accumulated amortization	(37,915		)	(30,734		)
Lease intangible assets, net	$	101,509		$	131,097
Lease Intangible Liabilities:
Below market leases	$	99,133		$	102,098
Accumulated amortization	(29,187		)	(18,372		)
Lease intangible liabilities, net	$	69,946		$	83,726

The following is a summary of real estate intangible amortization income (expense) for the years ended December 31, 2019, 2018 and 2017 (in thousands): 

	Year Ended December 31,
	2019			2018			2017
Increase (decrease) to rental income related to above/below market leases, net	$	508		$	(7,701	)	$	912
Depreciation and amortization related to tenant origination and absorption costs and tenant relationship	(17,674		)	(16,118		)	(11,822		)

The remaining unamortized balance for these outstanding intangible assets and liabilities as of December 31, 2019 will be amortized for the years ending December 31 as follows (dollars in thousands):

	Lease Intangible Assets		Lease Intangible Liabilities
2020	$	14,140	$	12,221
2021	11,782		8,012
2022	11,441		7,269
2023	9,702		7,269
2024	9,061		7,168
Thereafter	45,383		28,007
	$	101,509	$	69,946
Weighted-average remaining amortization period	10.5 years		8.9 years