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Intangibles
9 Months Ended
Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Intangibles

4. Intangibles

The gross carrying amount and accumulated amortization of the Company’s intangible assets and liabilities consisted of the following ($ in thousands):  

 

 

September 30, 2018

 

 

December 31, 2017

 

Intangible assets:

 

 

 

 

 

 

 

 

In-place lease intangibles

 

$

303,410

 

 

$

131,833

 

Below-market ground lease intangibles

 

 

4,623

 

 

 

4,623

 

Above-market lease intangibles

 

 

18,541

 

 

 

6,670

 

Prepaid ground lease rent

 

 

16,114

 

 

 

16,114

 

Other

 

 

5,676

 

 

 

676

 

Total intangible assets

 

 

348,364

 

 

 

159,916

 

Accumulated amortization:

 

 

 

 

 

 

 

 

In-place lease amortization

 

 

(74,130

)

 

 

(45,160

)

Below-market ground lease amortization

 

 

(142

)

 

 

(85

)

Above-market lease amortization

 

 

(3,627

)

 

 

(600

)

Prepaid ground lease rent amortization

 

 

(321

)

 

 

(151

)

Other

 

 

(203

)

 

 

(76

)

Total accumulated amortization

 

 

(78,423

)

 

 

(46,072

)

Intangible assets, net

 

$

269,941

 

 

$

113,844

 

Intangible liabilities:

 

 

 

 

 

 

 

 

Below-market lease intangibles

 

$

47,911

 

 

$

14,920

 

Above-market ground lease intangibles

 

 

4,657

 

 

 

 

Total intangible liabilities

 

 

52,568

 

 

 

14,920

 

Accumulated amortization:

 

 

 

 

 

 

 

 

Below-market lease amortization

 

 

(8,219

)

 

 

(1,764

)

Above-market ground lease amortization

 

 

(2

)

 

 

 

Total accumulated amortization

 

 

(8,221

)

 

 

(1,764

)

Intangible liabilities, net

 

$

44,347

 

 

$

13,156

 

The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter as of September 30, 2018 is as follows ($ in thousands):

 

 

In-place Lease

Intangibles

 

 

Below-market

Ground

Lease Intangibles

 

 

Above-market

Lease Intangibles

 

 

Pre-paid Ground

Lease Intangibles

 

 

Below-market

Lease Intangibles

 

 

Above-market Ground

Lease Intangibles

 

2018 (remaining)

 

$

56,077

 

 

$

20

 

 

$

1,143

 

 

$

57

 

 

$

(2,562

)

 

$

(14

)

2019

 

 

68,165

 

 

 

79

 

 

 

4,160

 

 

 

227

 

 

 

(9,235

)

 

 

(54

)

2020

 

 

33,156

 

 

 

79

 

 

 

3,223

 

 

 

227

 

 

 

(7,353

)

 

 

(54

)

2021

 

 

25,390

 

 

 

79

 

 

 

2,631

 

 

 

227

 

 

 

(5,602

)

 

 

(54

)

2022

 

 

18,615

 

 

 

79

 

 

 

2,024

 

 

 

227

 

 

 

(4,396

)

 

 

(54

)

Thereafter

 

 

27,877

 

 

 

4,145

 

 

 

1,733

 

 

 

14,828

 

 

 

(10,544

)

 

 

(4,425

)

 

 

$

229,280

 

 

$

4,481

 

 

$

14,914

 

 

$

15,793

 

 

$

(39,692

)

 

$

(4,655

)