Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2018 (in thousands):



	December 31, 2018
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	57,689	$	32,370	$	25,319
Above-market lease assets	4,917		2,676		2,241
Below-market lease liabilities	18,692		6,014		12,678
Below-market ground lease assets	1,920		299		1,621

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2017 (in thousands):



	December 31, 2017
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	50,506	$	25,193	$	25,313
Above-market lease assets	4,817		1,923		2,894
Below-market lease liabilities	18,089		4,260		13,829
Below-market ground lease assets	1,920		246		1,674

Amortization of in-place lease assets for the years ended December 31, 2018, 2017, and 2016 was $7.7 million, $9.7 million, and $10.2 million, respectively.

Amortization of above-market lease assets for the years ended December 31, 2018, 2017, and 2016 was $0.8 million, $0.8 million, and $0.9 million, respectively.

Amortization of below-market lease liabilities for the years ended December 31, 2018, 2017, and 2016 was $1.8 million, $1.8 million, and $1.8 million, respectively.

Amortization of below-market ground lease assets for the years ended December 31, 2018, 2017, and 2016 was $0.1 million, $0.1 million, and $0.1 million, respectively.

As of December 31, 2018, the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, and below-market ground lease assets were 6.3 years, 5.6 years, 4.5 years, and 30.5 years, respectively. As of December 31, 2018, the weighted-average remaining life of below-market lease renewal options was 13.6 years.

Estimated amortization of acquired lease intangibles for each of the five succeeding years is as follows (in thousands):



					Depreciation and
	Rental Revenues		Rental Expenses		Amortization
Year ending December 31,
2019	$	859	$	53	$	5,967
2020	730		53		4,314
2021	742		53		2,846
2022	725		53		2,218
2023	703		53		1,969