Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

Acquired Lease Intangibles

Summary of the company's acquired lease intangibles

The following table summarizes the Company’s acquired lease intangibles as of December 31, 2021 (in thousands):

	December 31, 2021
	Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount
In-place lease assets	$	126,528	$	67,486	$	59,042
Above-market lease assets	7,442		4,446		2,996
Above/Below-market ground lease assets	5,075		810		4,265
Below-market lease liabilities	30,798		11,542		19,256

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	8,549		667		7,882
Below-market lease liabilities	25,015		9,394		15,621

Schedule of finite-lived intangible assets

During the years ended December 31, 2021, 2020, and 2019, the Company recognized the following amortization of intangible lease assets and liabilities (in thousands):

	Years Ended December 31,
	2021		2020		2019
Intangible lease assets
In-place lease assets	$	13,210	$	6,935	$	14,971
Above-market lease assets	595		300		875
Above/Below-market ground lease assets	144		213		155
Intangible lease liabilities
Below-market lease liabilities	2,148		1,119		2,261

Estimated amortization of acquired lease intangibles

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

	Rental Revenues		Depreciation and Amortization
Year ending December 31,
2022	$	1,766	$	10,833
2023	1,568		8,895
2024	1,579		7,157
2025	1,505		6,145
2026	1,516		5,870