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Acquired In-Place Leases
 12 Months Ended
Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]  
ACQUIRED IN-PLACE LEASES
ACQUIRED IN-PLACE LEASES
Acquired lease assets are included in prepaid expenses and other assets and comprise above market leases where we are the lessor and below market leases where we are the lessee. Acquired lease liabilities are included in other liabilities and deferred credits and comprise below market leases where we are the lessor and above market leases where we are the lessee. The following is a summary of our acquired lease assets and liabilities:
 
December 31, 2017
 
December 31, 2016
 
Cost
 
Accumulated Amortization
 
Cost
 
Accumulated Amortization
 
(in thousands)
Above market leases, lessor
$
52,393

 
$
(31,406
)
 
$
45,327

 
$
(28,085
)
Below market leases, lessee
34,604

 
(1,705
)
 
13,237

 
(924
)
    Total
$
86,997

 
$
(33,111
)
 
$
58,564

 
$
(29,009
)
 
 
 
 
 
 
 
 
Below market leases, lessor
$
(193,085
)
 
$
56,716

 
$
(138,253
)
 
$
48,928

Above market leases, lessee
(9,084
)
 
560

 
(2,796
)
 
271

    Total
$
(202,169
)
 
$
57,276

 
$
(141,049
)
 
$
49,199


The value allocated to in-place leases where we are the lessor is amortized over the related lease term and reflected as additional rental income for below market leases or a reduction of rental income for above market leases in the consolidated statements of comprehensive income. The related amortization of in-place leases where we are the lessee is reflected as additional rental expense for below market leases or a reduction of rental expenses for above market leases in the consolidated statements of comprehensive income. The following is a summary of acquired lease amortization:
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(in thousands)
Amortization of above market leases, lessor
$
(6,005
)
 
$
(6,726
)
 
$
(4,425
)
Amortization of below market leases, lessor
10,726

 
8,551

 
7,130

    Net increase in rental income
$
4,721

 
$
1,825

 
$
2,705

 
 
 
 
 
 
Amortization of below market leases, lessee
$
781

 
$
255

 
$
255

Amortization of above market leases, lessee
(290
)
 
(135
)
 
(135
)
    Net increase in rental expense
$
491

 
$
120

 
$
120

The following is a summary of the remaining weighted average amortization period for our acquired lease assets and acquired lease liabilities:
 
 
December 31, 2017
 
 
 
Above market leases, lessor
 
4.7 years
Below market leases, lessee
 
41.6 years
Below market leases, lessor
 
19.8 years
Above market leases, lessee
 
16.9 years

The amortization for acquired in-place leases during the next five years and thereafter, assuming no early lease terminations, is as follows:
 
 
Acquired Lease Assets
 
Acquired Lease Liabilities
 
 
(In thousands)
Year ending December 31,
 
 
 
 
2018
 
$
5,810

 
$
9,990

2019
 
3,829

 
9,488

2020
 
3,182

 
8,494

2021
 
2,804

 
7,869

2022
 
2,381

 
7,484

Thereafter
 
35,880

 
101,568

 
 
$
53,886

 
$
144,893