Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Net Accumulated Amortization and Accretion

The Company had the following acquired lease intangibles:



	December 31,
(in thousands)	2017 ⁽¹⁾			2016
In-place leases	$	470,315		96,178
Above-market leases	64,625			14,684
Below-market ground leases	92,166			64,664
Total intangible assets	$	627,106		175,526
Accumulated amortization	(148,280		)	(56,695	)
Acquired lease intangible assets, net	$	478,826		118,831

Below-market leases	$	588,850		71,996
Above-market ground leases	5,101			5,722
Total intangible liabilities	593,951			77,718
Accumulated amortization	(56,550		)	(23,538	)
Acquired lease intangible liabilities, net	$	537,401		54,180

⁽¹⁾ Includes estimated values for acquired lease intangibles from the Equity One merger, for which the accounting remains provisional as of December 31, 2017, as discussed in Note 2.

The following table provides a summary of amortization and net accretion amounts from acquired lease intangibles:



	Year ended December 31,
(in thousands)	2017 ⁽⁴⁾		2016	2015
In-place lease amortization	$	88,284	11,533	9,141
Above-market lease amortization ⁽¹⁾	9,443		1,742	1,950
Below-market ground lease amortization ⁽³⁾	1,886		1,111	351
Acquired lease intangible asset amortization	$	99,613	14,386	11,442

Below-market lease amortization ⁽²⁾	$	34,786	6,827	3,940
Above-market ground lease amortization ⁽³⁾	136		167	215
Acquired lease intangible liability amortization	$	34,922	6,994	4,155

⁽¹⁾ Amounts are recorded as a reduction to minimum rent.
⁽²⁾ Amounts are recorded as an increase to minimum rent.
⁽³⁾ Above and below market ground lease amortization are recorded as offsets to Operating and maintenance.
⁽⁴⁾ Amortization and net accretion for the year ended December 31, 2017, includes amounts subject to provisional accounting from the Equity One merger, as discussed in Note 2.

Schedule of Future Amortization Expense and Minimum Rent

The estimated aggregate amortization and net accretion amounts from acquired lease intangibles, including provisional purchase price accounting for Equity One acquired lease intangibles, for the next five years are as follows:



(in thousands)
In Process Year Ending December 31,	Net accretion of Above / Below market lease intangibles		Amortization of In-place lease intangibles	Net amortization of Below / Above ground lease intangibles
2018	$	29,654	72,769	1,560
2019	28,754		54,743	1,550
2020	27,710		41,211	1,544
2021	27,106		32,893	1,545
2022	25,440		25,202	1,555