INTANGIBLE LEASE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of finite-lived intangible assets

Intangible lease assets and liabilities consisted of the following as of September 30, 2020 and December 31, 2019 (in thousands, except weighted average life remaining):

	September 30, 2020		December 31, 2019
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $131,018 and $111,670, respectively (with a weighted average life remaining of 9.8 years and 10.4 years, respectively)
	$	152,991	$	164,724
Acquired above-market leases, net of accumulated amortization of $22,065 and $19,310, respectively (with a weighted average life remaining of 7.5 years and 7.9 years, respectively)
	16,147		17,423
Total intangible lease assets, net	$	169,138	$	182,147
Intangible lease liabilities:
Acquired below-market leases, net of accumulated amortization of $31,445 and $25,800, respectively (with a weighted average life remaining of 6.6 years and 7.3 years, respectively)
	$	17,257	$	20,523

Schedule of finite-lived intangible assets amortization expense

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and nine months ended September 30, 2020 and 2019 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
In-place lease and other intangible amortization	$	5,837	$	8,006	$	17,392	$	26,360
Above-market lease amortization	$	772	$	1,029	$	2,409	$	3,496
Below-market lease amortization	$	1,273	$	1,470	$	3,939	$	4,952

Schedule of finite-lived intangible assets, future amortization expense

As of September 30, 2020, the estimated amortization relating to the intangible lease assets and liabilities is as follows (in thousands):

	Amortization
	In-Place Leases and Other Intangibles		Above-Market Leases		Below-Market Leases
Remainder of 2020	$	5,365	$	691	$	1,204
2021	19,287		2,287		3,001
2022	18,014		2,133		2,509
2023	15,981		1,872		2,160
2024	14,174		1,411		1,645
Thereafter	80,170		7,753		6,738
Total	$	152,991	$	16,147	$	17,257