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Intangibles
 3 Months Ended
Mar. 31, 2019
Finite-Lived Intangible Assets, Net [Abstract]  
Intangibles Intangibles
 
The following is a summary of the carrying amount of intangible assets and liabilities, excluding assets classified as held for sale if applicable, as of March 31, 2019 and December 31, 2018 (in thousands):
 
March 31, 2019
 
December 31, 2018
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Assets
 

 
 

 
 

 
 

 
 

 
 

In-place leases
$
340,478

 
$
(120,364
)
 
$
220,114

 
$
340,428

 
$
(111,500
)
 
$
228,928

Above-market leases
45,517

 
(14,684
)
 
30,833

 
45,568

 
(13,621
)
 
31,947

Leasehold interest
712

 
(257
)
 
455

 
712

 
(242
)
 
470

Below-market ground leases (1)
—

 
—

 
—

 
65,676

 
(2,194
)
 
63,482

Right-of-use lease asset
126,727

 
(477
)
 
126,250

 
—

 
—

 
—

Total
$
513,434


$
(135,782
)

$
377,652


$
452,384


$
(127,557
)

$
324,827

Liabilities
 

 
 

 
 

 
 

 
 

 
 

Below-market leases
$
14,501

 
$
(7,165
)
 
$
7,336

 
$
14,654

 
$
(6,768
)
 
$
7,886

Above-market ground leases (1)
—

 
—

 
—

 
5,965

 
(266
)
 
5,699

Lease liability
61,043

 
(179
)
 
60,864

 
—

 
—

 
—

Total
$
75,544


$
(7,344
)

$
68,200


$
20,619


$
(7,034
)

$
13,585


(1)
Above- and below-market ground leases are included in the right-of-use asset as of January 1, 2019 due to the implementation of ASU 2016-02, Leases. Further detail is provided in Note 2 (Summary of Significant Accounting Policies).

 The following is a summary of acquired lease intangible amortization for the three month periods ended March 31, 2019 and 2018, (in thousands):
 
Three Months Ended
March 31,
 
2019
 
2018
Amortization expense related to in-place leases
$
9,247

 
$
11,002

Decrease of rental income related to above-market leases
1,115

 
1,480

Decrease of rental income related to leasehold interest
15

 
15

Increase of rental income related to below-market leases
550

 
843

Decrease of operating expense related to above-market ground leases (1)
35

 
35

Increase in operating expense related to below-market ground leases (1)
304

 
244


(1)
Above- and below-market ground leases are included in the right-of-use asset as of January 1, 2019 due to the implementation of ASU 2016-02, Leases. Further detail is provided in Note 2 (Summary of Significant Accounting Policies).

For the three months ended March 31, 2019, the Company wrote off in-place lease and below-market ground lease intangible assets of approximately $0.4 million with accumulated amortization of $0.3 million, for a net loss of approximately $0.1 million.

Future aggregate net amortization of the acquired lease intangibles, excluding two assets classified as held for sale, as of March 31, 2019, is as follows (in thousands):
 
Net Decrease in 
Revenue
 
Net Increase in 
Expenses
2019
$
(1,990
)
 
$
26,699

2020
(2,718
)
 
33,486

2021
(2,648
)
 
31,233

2022
(2,203
)
 
27,451

2023
(1,899
)
 
24,743

Thereafter
(12,494
)
 
141,888

Total
$
(23,952
)

$
285,500



As of March 31, 2019, the weighted average amortization period for asset lease intangibles and liability lease intangibles is 25 and 40 years, respectively. The increase in weighted average amortization periods since December 31, 2018 is due to the implementation of ASU 2016-02, Leases. Further detail is provided in Note 2 (Summary of Significant Accounting Policies).