NOTE 10 – INTANGIBLES

The following is a summary of our intangibles as of December 31, 2018 and 2017:


	December 31,
	2018			2017
	(in thousands)
Assets:
Goodwill	$	643,950	$	644,690

Above market leases	$	22,410	$	22,426
In-place leases		—		167
Accumulated amortization		(19,203)		(17,059)
Net intangible assets	$	3,207	$	5,534

Liabilities:
Below market leases	$	143,669	$	164,443
Accumulated amortization		(79,226)		(83,824)
Net intangible liabilities	$	64,443	$	80,619

Above market leases and in-place leases, net of accumulated amortization, are included in other assets on our Consolidated Balance Sheets. Below market leases, net of accumulated amortization, are included in accrued expenses and other liabilities on our Consolidated Balance Sheets. The net amortization related to the above and below market leases is included in our Consolidated Statements of Operations as an adjustment to rental income.

For the years ended December 31, 2018, 2017 and 2016, our net amortization related to intangibles was $10.7 million, $11.9 million and $14.0 million, respectively. The estimated net amortization related to these intangibles for the subsequent five years is as follows: 2019 – $7.4 million; 2020 – $7.2 million; 2021 – $7.0 million; 2022 – $6.7 million; 2023 - $6.4 million and $26.5 million thereafter. As of December 31, 2018, the weighted average remaining amortization period of both above market lease assets and below market lease liabilities is approximately nine years.

The following is a summary of our goodwill as of December 31, 2018 and 2017:


	(in thousands)
Balance as of December 31, 2016	$	643,474
Add: foreign currency translation		1,216
Balance as of December 31, 2017		644,690
Less: foreign currency translation		(740)
Balance as of December 31, 2018	$	643,950