Intangibles

12 Months Ended

Dec. 31, 2019

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



	December 31,
Intangible lease assets	2019			2018
Gross intangible lease assets	$	615,538		$	556,114
Accumulated depreciation and amortization	(283,845		)	(251,035		)
Intangible assets, net	$	331,693		$	305,079

Intangible liabilities primarily consist of below market lease intangibles. The following table summarizes the Company’s intangible lease liabilities (in thousands):



	December 31,
Intangible lease liabilities	2019			2018
Gross intangible lease liabilities	$	113,213		$	94,444
Accumulated depreciation and amortization	(38,222		)	(39,781		)
Intangible liabilities, net	$	74,991		$	54,663

The following table sets forth amortization related to intangible assets, net and intangible liabilities, net (in thousands):



	Year Ended December 31,
	2019		2018		2017
Depreciation and amortization expense related to amortization of lease-up intangibles	$	148,509	$	67,350	$	76,732
Rental and related revenues related to amortization of net below market lease liabilities	6,471		5,253		2,030

During the year ended December 31, 2019, in conjunction with the Company’s acquisitions of real estate (see Note 4), the Company acquired intangible assets of $157 million and intangible liabilities of $33 million. The intangible assets and intangible liabilities acquired have a weighted average amortization period of 3 years and 8 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.

The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands):



	Rental and Related Revenues⁽¹⁾		Depreciation and Amortization⁽²⁾
2020	$	8,876	$	103,988
2021	8,034		51,516
2022	8,349		44,922
2023	7,783		39,020
2024	7,145		22,880
Thereafter	25,270		59,833
	$	65,457	$	322,159

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(1)	The amortization of net below market lease intangibles is recorded as an increase to rental and related revenues.

(2)

The amortization of lease-up intangibles is recorded to depreciation and amortization expense.