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Intangible Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets and Liabilities

The following table summarizes our intangible assets (acquired above-market leases and acquired in-place leases) and intangible liabilities (acquired below-market leases) and the related amortization as of the dates and for the periods set forth below.

 

 

 

 

As of December 31,

 

(Amounts in thousands)

 

2018

 

 

2017

 

Intangible assets:

 

 

 

 

 

 

 

 

Gross amount

 

$

515,889

 

 

$

553,063

 

Accumulated amortization

 

 

(245,444

)

 

 

(200,857

)

 

 

$

270,445

 

 

$

352,206

 

Intangible liabilities:

 

 

 

 

 

 

 

 

Gross amount

 

$

185,191

 

 

$

205,101

 

Accumulated amortization

 

 

(89,200

)

 

 

(75,073

)

 

 

$

95,991

 

 

$

130,028

 

 

 

 

For the Year Ended December 31,

 

(Amounts in thousands)

2018

 

 

2017

 

 

2016

 

Amortization of above and below-market leases, net (component

   of “rental income”)

$

16,059

 

 

$

19,523

 

 

$

9,536

 

Amortization of acquired in-place leases (component of “depreciation

   and amortization”)

$

58,814

 

 

$

76,016

 

 

$

94,935

 

 

Schedule of Estimated Annual Amortization of Acquired Below-Market Leases, Net of Acquired Above-Market Leases and In Place Leases

The following table sets forth annual amortization of acquired above and below-market leases, net and amortization of acquired in-place leases for each of the five succeeding years commencing from January 1, 2019.

 

 

(Amounts in thousands)

For the Year Ending December 31,

 

Above and

Below-Market

Leases, Net

 

 

In-Place Leases

 

2019

 

$

11,851

 

 

$

49,378

 

2020

 

 

6,654

 

 

 

38,738

 

2021

 

 

3,361

 

 

 

28,150

 

2022

 

 

892

 

 

 

23,598

 

2023

 

 

4,407

 

 

 

18,917