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Intangible Assets
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
Intangible Assets  

The following table summarizes our acquired lease intangible assets, including the value of in-place leases and above-market tenant leases, and our acquired lease intangible liabilities which includes below-market tenant leases (in thousands): 
 
March 31, 2020
 
December 31, 2019
Acquired Lease Intangible Assets:
 
 
 
In-place lease intangibles
$
163,381

 
$
154,370

Accumulated amortization
(93,653
)
 
(87,955
)
In-place lease intangibles, net
$
69,728

 
$
66,415

 
 
 
 
Above-market tenant leases
$
14,358

 
$
14,296

Accumulated amortization
(7,948
)
 
(7,621
)
Above-market tenant leases, net
$
6,410

 
$
6,675

Acquired lease intangible assets, net
$
76,138

 
$
73,090

 
 
 
 
Acquired Lease Intangible Liabilities:
 

 
 

Below-market tenant leases
$
(89,000
)
 
$
(81,718
)
Accumulated accretion
25,086

 
22,378

Below-market tenant leases, net
$
(63,914
)
 
$
(59,340
)
Acquired lease intangible liabilities, net
$
(63,914
)
 
$
(59,340
)

 
The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three months ended March 31, 2020 and 2019 (in thousands):
 
Three Months Ended March 31,
 
2020
 
2019
In-place lease intangibles(1)
$
5,822

 
$
4,339

Net below-market tenant leases(2)
$
(2,402
)
 
$
(1,751
)
(1)
The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.
(2)
The amortization of net below-market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.