Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangible

Acquired Lease Intangibles

The Company had the following acquired lease intangibles:

	December 31,
(in thousands)	2018			2017
In-place leases	$	457,379		470,315
Above-market leases	57,294			64,625
Below-market ground leases	92,085			92,166
Total intangible assets	$	606,758		627,106
Accumulated amortization	(219,689		)	(148,280	)
Acquired lease intangible assets, net	$	387,069		478,826
Below-market leases	$	584,371		588,850
Above-market ground leases	5,101			5,101
Total intangible liabilities	589,472			593,951
Accumulated amortization	(92,746		)	(56,550	)
Acquired lease intangible liabilities, net	$	496,726		537,401

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

	Year ended December 31,				Line item in Consolidated Statements of Operations
(in thousands)	2018		2017	2016
In-place lease amortization	$	76,649	88,284	11,533	Depreciation and amortization
Above-market lease amortization	10,433		9,443	1,742	Minimum rent
Below-market ground lease amortization	1,688		1,886	1,111	Operating and maintenance
Acquired lease intangible asset amortization	$	88,770	99,613	14,386
Below-market lease amortization	$	45,561	34,786	6,827	Minimum rent
Above-market ground lease amortization	94		136	167	Operating and maintenance
Acquired lease intangible liability amortization	$	45,655	34,922	6,994

The estimated aggregate amortization and net accretion amounts from 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
2019	$	27,768	53,506	1,554
2020	26,646		40,528	1,554
2021	25,986		32,344	1,554
2022	24,239		24,692	1,554
2023	23,499		19,605	1,554