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Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Acquired Lease Intangible Assets and Liabilities

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): 
 
June 30, 2020
 
December 31, 2019
Acquired Lease Intangible Assets:
 
 
 
In-place lease intangibles
$
164,572

 
$
154,370

Accumulated amortization
(99,289
)
 
(87,955
)
In-place lease intangibles, net
$
65,283

 
$
66,415

 
 
 
 
Above-market tenant leases
$
14,500

 
$
14,296

Accumulated amortization
(8,270
)
 
(7,621
)
Above-market tenant leases, net
$
6,230

 
$
6,675

Acquired lease intangible assets, net
$
71,513

 
$
73,090

 
 
 
 
Acquired Lease Intangible Liabilities:
 

 
 

Below-market tenant leases
$
(89,140
)
 
$
(81,718
)
Accumulated accretion
28,032

 
22,378

Below-market tenant leases, net
$
(61,108
)
 
$
(59,340
)
Acquired lease intangible liabilities, net
$
(61,108
)
 
$
(59,340
)

 
Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles
The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and six months ended June 30, 2020 and 2019 (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
In-place lease intangibles(1)
$
5,752

 
$
5,313

 
$
11,574

 
$
9,652

Net below-market tenant leases(2)
$
(2,670
)
 
$
(1,900
)
 
$
(5,071
)
 
$
(3,651
)
(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.