Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Acquired Lease Intangible

6. Acquired Lease Intangibles

The Company had the following acquired lease intangibles:

	December 31,
(in thousands)	2019			2018
In-place leases	$	438,188		$	457,379
Above-market leases		63,944			57,294
Below-market ground leases (1)		—			92,085
Total intangible assets	$	502,132			606,758
Accumulated amortization		(259,310	)		(219,689	)
Acquired lease intangible assets, net	$	242,822			387,069
Below-market leases		558,936		$	584,371
Above-market ground leases (1)		—			5,101
Total intangible liabilities		558,936			589,472
Accumulated amortization		(131,676	)		(92,746	)
Acquired lease intangible liabilities, net	$	427,260			496,726

⁽¹⁾ On January 1, 2019, the Company adopted the new accounting guidance in ASC Topic 842, Leases, including all related ASUs, and correspondingly reclassified Below-market ground leases and Above-market ground leases against the Company’s Right of use asset.  

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

	Year ended December 31,
(in thousands)	2019		2018		2017		Line item in Consolidated Statements of Operations
In-place lease amortization	$	60,250		76,649		88,284	Depreciation and amortization
Above-market lease amortization		9,112		10,433		9,443	Lease income
Below-market ground lease amortization (1)		—		1,688		1,886	Operating and maintenance
Acquired lease intangible asset amortization	$	69,362		88,770		99,613
Below-market lease amortization	$	54,730		45,561		34,786	Lease income
Above-market ground lease amortization (1)		—		94		136	Operating and maintenance
Acquired lease intangible liability amortization	$	54,730		45,655		34,922

⁽¹⁾ On January 1, 2019, the Company adopted the new accounting guidance in ASC Topic 842, Leases, including all related ASUs, and correspondingly reclassified Below-market ground leases and Above-market ground leases against the Company’s Right of use asset.

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,	Amortization of In-place lease intangibles		Net accretion of Above / Below market lease intangibles
2020		42,998	$	37,593
2021		32,551		24,120
2022		24,928		22,228
2023		19,682		21,379
2024		15,395		19,346