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Intangibles
 6 Months Ended
Jun. 30, 2019
Finite-Lived Intangible Assets, Net [Abstract]  
Intangibles Intangibles
 
The following is a summary of the carrying amount of intangible assets and liabilities as of June 30, 2019 and December 31, 2018 (in thousands):
 
June 30, 2019
 
December 31, 2018
 
Cost
 
Accumulated
Amortization
 
Net
 
Cost
 
Accumulated
Amortization
 
Net
Assets
 

 
 

 
 

 
 

 
 

 
 

In-place leases
$
344,329

 
$
(128,565
)
 
$
215,764

 
$
340,428

 
$
(111,500
)
 
$
228,928

Above-market leases
45,516

 
(15,786
)
 
29,730

 
45,568

 
(13,621
)
 
31,947

Leasehold interest
712

 
(272
)
 
440

 
712

 
(242
)
 
470

Below-market ground leases (1)
—

 
—

 
—

 
65,676

 
(2,194
)
 
63,482

Right-of-use lease assets
126,781

 
(1,006
)
 
125,775

 
—

 
—

 
—

Total
$
517,338


$
(145,629
)

$
371,709


$
452,384


$
(127,557
)

$
324,827

Liabilities
 

 
 

 
 

 
 

 
 

 
 

Below-market leases
$
14,455

 
$
(7,552
)
 
$
6,903

 
$
14,654

 
$
(6,768
)
 
$
7,886

Above-market ground leases (1)
—

 
—

 
—

 
5,965

 
(266
)
 
5,699

Lease liabilities
61,097

 
(405
)
 
60,692

 
—

 
—

 
—

Total
$
75,552


$
(7,957
)

$
67,595


$
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 and six month periods ended June 30, 2019 and 2018, (in thousands):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
Amortization expense related to in-place leases
$
9,001

 
$
10,975

 
$
18,248

 
$
21,977

Decrease of rental income related to above-market leases
1,101

 
1,438

 
2,216

 
2,917

Decrease of rental income related to leasehold interest
15

 
15

 
30

 
30

Increase of rental income related to below-market leases
529

 
651

 
1,079

 
1,494

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

 
36

 
70

 
71

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

 
245

 
607

 
489


(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 June 30, 2019, the Company wrote off in-place lease assets of approximately $0.8 million with accumulated amortization of $0.4 million, for a net loss of approximately $0.4 million.

For the six months ended June 30, 2019, the Company wrote off in-place lease assets of approximately $1.1 million with accumulated amortization of $0.6 million, for a net loss of approximately $0.5 million. In addition, the Company wrote off below-market lease liabilities of approximately $0.3 million with accumulated amortization of $0.2 million, for a net gain of approximately $0.1 million.

Future aggregate net amortization of the acquired lease intangibles as of June 30, 2019, is as follows (in thousands):
 
Net Decrease in 
Revenue
 
Net Increase in 
Expenses
2019
$
(1,335
)
 
$
18,252

2020
(2,719
)
 
34,328

2021
(2,649
)
 
31,860

2022
(2,183
)
 
27,944

2023
(1,889
)
 
25,078

Thereafter
(12,492
)
 
143,385

Total
$
(23,267
)

$
280,847



As of June 30, 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).