Lease Intangible Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Lease Intangible Assets

The following table summarizes the Company’s lease intangible assets and liabilities (in thousands):

December 31, 2017
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	542,655	$	(249,569	)	$	293,086
Below-market ground leases, net		11,766		(508	)		11,258
Above-market leases, net		8,925		(3,171	)		5,754
Total	$	563,346	$	(253,248	)	$	310,098

December 31, 2016
	Gross		Accumulated
Lease Intangible Assets	Asset		Amortization			Balance
In-place leases, net	$	592,871	$	(146,964	)	$	445,907
Below-market ground leases, net		11,766		(305	)		11,461
Above-market leases, net		8,964		(1,933	)		7,031
Total	$	613,601	$	(149,202	)	$	464,399

Summary of Lease Intangible Liabilities

The following table summarizes the Company’s lease intangible assets and liabilities (in thousands):

	Gross		Accumulated
Lease Intangible Liabilities	Liability		Amortization			Balance
Below-market leases, net	$	19,658	$	(5,182	)	$	14,476
Total	$	19,658	$	(5,182	)	$	14,476

	Gross		Accumulated
Lease Intangible Liabilities	Liability		Amortization			Balance
Below-market leases, net	$	20,011	$	(3,184	)	$	16,827
Total	$	20,011	$	(3,184	)	$	16,827

Schedule of Estimated Amortization for Below-Market Ground Leases

Estimated annual amortization of acquired below-market ground leases for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands):

2018	$	203
2019		203
2020		203
2021		203
2022		203

Above-Market Leases, Net [Member]

Schedule of Estimated Annual Amortization of Acquired In Place Leases

Estimated annual amortization of acquired below-market leases, net of acquired above-market leases, for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands):

2018	$	(949	)
2019		(922	)
2020		(788	)
2021		(775	)
2022		(485	)

In-Place Leases, Net [Member]

Schedule of Estimated Annual Amortization of Acquired In Place Leases

Estimated annual amortization of acquired in-place leases for each of the five succeeding years commencing January 1, 2018 is as follows (in thousands):

2018	$	61,997
2019		37,357
2020		36,911
2021		36,127
2022		35,151