INTANGIBLE ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of 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

Summary of Real Estate Intangible Amortization

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		)

Remaining Unamortized Balance for Outstanding Intangible Assets and Liabilities

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