Intangible Assets

9 Months Ended

Sep. 30, 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): 

	September 30, 2020		December 31, 2019
Acquired Lease Intangible Assets:
In-place lease intangibles	$	165,570	$	154,370
Accumulated amortization	(104,166)		(87,955)
In-place lease intangibles, net	$	61,404	$	66,415
Above-market tenant leases	$	14,375	$	14,296
Accumulated amortization	(8,475)		(7,621)
Above-market tenant leases, net	$	5,900	$	6,675
Acquired lease intangible assets, net	$	67,304	$	73,090
Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(92,228)	$	(81,718)
Accumulated accretion	31,080		22,378
Below-market tenant leases, net	$	(61,148)	$	(59,340)
Acquired lease intangible liabilities, net	$	(61,148)	$	(59,340)

    The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and nine months ended September 30, 2020 and 2019 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
In-place lease intangibles(1)	$	5,537	$	5,572	$	17,111	$	15,224
Net below-market tenant leases(2)	$	(2,750)	$	(2,065)	$	(7,822)	$	(5,716)

(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.