Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2019

Acquired Lease Intangibles

Acquired Lease Intangibles

Acquired Lease Intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2019 (in thousands):

	December 31, 2019
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	112,555	$	47,341	$	65,214
Above-market lease assets	7,039		3,551		3,488
Below-market ground lease assets
Below-market operating ground lease assets	1,920		352		1,568
Below-market finance ground lease assets	6,629		102		6,527
Below-market lease liabilities	29,575		8,275		21,300

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 ground lease assets
Below-market operating ground lease assets	1,920		299		1,621
Below-market finance ground lease assets (a)	—		—		—
Below-market lease liabilities	18,692		6,014		12,678

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(a) All of the Company's leases were classified as Operating Leases prior to 2019.

During the years ended December 31, 2019, 2018, and 2017, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Years Ended December 31,
	2019		2018		2017
Intangible lease assets
In-place lease assets	$	14,971	$	7,676	$	9,732
Above-market lease assets	875		753		783
Below-market ground lease assets
Amortization of below-market operating ground lease assets (a)	53		53		53
Amortization of below-market finance ground lease assets (a)(b)	102		—		—
Intangible lease liabilities
Below-market lease liabilities	2,261		1,754		1,762

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(a) Prior to 2019, Amortization of Below Market Ground Leases was included in Rental Expenses. With the adoption of ASC 842 on 1/1/2019, Amortization of below market ground rents became a component of the amortization of the right-of-use assets of Operating and Finance Leases, respectively.

(b) All of the Company's leases were classified as Operating Leases prior to 2019.

As of December 31, 2019, the weighted-average remaining lives of in-place lease assets, above-market lease assets, below-market lease liabilities, below-market ground lease assets - operating and below-market ground lease assets - finance were 7.8 years, 5.2 years, 11.5 years, 29.5 years, and 41.2 years, respectively. As of December 31, 2019, the weighted-average remaining life of below-market lease renewal options was 12.2 years.

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

			Depreciation and
	Rental Revenues		Amortization
Year ending December 31,
2020	$	1,522	$	12,360
2021	1,545		9,858
2022	1,552		8,312
2023	1,413		6,823
2024	1,411		5,609