Intangibles

9 Months Ended

Sep. 30, 2019

Intangibles

Intangibles

Intangibles

Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. Intangible liabilities primarily consist of below market lease intangibles. The following tables summarize the Company’s intangible lease assets and liabilities (in thousands):

Intangible lease assets	September 30, 2019			December 31, 2018
Gross intangible lease assets	$	569,059		$	556,114
Accumulated depreciation and amortization	(265,337		)	(251,035		)
Intangible assets, net	$	303,722		$	305,079

Intangible lease liabilities	September 30, 2019			December 31, 2018
Gross intangible lease liabilities	$	91,896		$	94,444
Accumulated depreciation and amortization	(36,983		)	(39,781		)
Intangible liabilities, net	$	54,913		$	54,663

During the nine months ended September 30, 2019, in conjunction with the Company’s acquisitions of real estate (see Note 4), the Company acquired intangible assets of $120 million and intangible liabilities of $12 million. The intangible assets and intangible liabilities acquired have a weighted average amortization period of 2 years and 6 years, respectively.

On January 1, 2019, in conjunction with the adoption of ASU 2016-12 (see Note 2), the Company reclassified $39 million of intangible assets, net and $6 million of intangible liabilities, net related to above and below market ground leases to right-of-use asset, net.