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Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2020

Summary of the company's acquired lease intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2020 (in thousands):


	December 31, 2020
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	110,643	$	54,276	$	56,367
Above-market lease assets	5,638		3,851		1,787
Below-market ground lease assets
Below-market operating ground lease assets	1,920		406		1,514
Below-market finance ground lease assets	6,629		261		6,368
Below-market lease liabilities	25,015		9,394		15,621

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

Schedule of finite-lived intangible assets

During the years ended December 31, 2020, 2019, and 2018, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):


	Years Ended December 31,
	2020		2019		2018
Intangible lease assets
In-place lease assets	$	6,935	$	14,971	$	7,676
Above-market lease assets	300		875		753
Below-market ground lease assets
Amortization of below-market operating ground lease assets (a)	54		53		53
Amortization of below-market finance ground lease assets (a)(b)	159		102		—
Intangible lease liabilities
Below-market lease liabilities	1,119		2,261		1,754

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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.

Estimated amortization of acquired lease intangibles

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,
2021	$	1,433	$	13,184
2022	1,443		8,232
2023	1,341		6,780
2024	1,383		5,560
2025	1,347		4,962