Intangible Assets

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

Intangible Assets

Our intangible assets include in-place leases, franchise agreements and other intangible assets. These intangible assets are recorded in Other assets, net on the Consolidated Balance Sheets. In accordance with FASB ASC Topic 842, below market leases are now classified as a right of use asset.

The gross carrying amounts, and accumulated amortization are as follows (in thousands):

		March 31, 2020					December 31, 2019
Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
In-place leases	7 years	$	127,148	$	(77,999	)	$	127,313	$	(74,548	)
Franchise agreements and other intangible assets	7 - 20 years	16,944		(2,965		)	16,943		(2,760		)
Total		$	144,092	$	(80,964	)	$	144,256	$	(77,308	)

Total amortization expense related to the intangible assets are as follows (in thousands):

	Three Months Ended
Intangible Asset Amortization Expense	March 31, 2020		March 31, 2019
In-place leases	$	3,451	$	3,672
Franchise fees and other intangible assets	205		205
Total	$	3,656	$	3,877

We anticipate amortization expense for our intangible assets to be as follows for the next five years (in thousands):

	Year
	Remainder 2020		2021		2022		2023		2024
Estimated expense	$	11,665	$	15,164	$	10,562	$	7,187	$	4,825