NOTE 12 INTANGIBLES

The following table summarizes our intangible assets and liabilities:


	As of December 31, 2017						As of December 31, 2016
	Gross		Accumulated		Net		Gross		Accumulated		Net
	Asset		(Amortization)		Carrying		Asset		(Amortization)		Carrying
(In thousands)	(Liability)		/ Accretion		Amount		(Liability)		/ Accretion		Amount

Intangible Assets:
Indefinite lived intangibles	$	25,028	$	—	$	25,028	$	—	$	—	$	—
Goodwill		1,307		—		1,307		1,307		—		1,307
Other intangibles		10,278		(1,812)		8,466		3,038		(299)		2,739

Tenant leases:
In-place value		22,304		(11,483)		10,821		37,567		(21,552)		16,015
Above-market		4,171		(2,523)		1,648		4,879		(2,422)		2,457
Below-market		(6,454)		2,688		(3,766)		(6,618)		2,065		(4,553)

Ground leases:
Above-market		(293)		—		(293)		(1,955)		193		(1,762)
Below-market		23,096		(4,449)		18,647		23,096		(4,110)		18,986

Total indefinite lived intangibles						26,335						1,307
Total amortizing intangibles						35,523						33,882

The tenant in-place, above-market and below-market lease intangible assets and the above-market and below-market ground lease intangible assets resulted from real estate acquisitions. The in‑place value, above-market value of tenant leases and below-market ground lease are included in Prepaid expenses and other assets in our Consolidated Balance Sheets and are amortized over periods that approximate the related lease terms. The above‑market ground lease and below‑market tenant leases are included in Accounts payable and accrued expenses as detailed in Note 11 – Other Assets and Other Liabilities and are amortized over the remaining non‑cancelable terms of the respective leases.

Amortization/accretion of these intangible assets and liabilities decreased our pre-tax income (excluding the impact of noncontrolling interest and the provision for income taxes) by $8.9 million in 2017, $6.3 million in 2016 and $10.5 million in 2015.

Future amortization/accretion is estimated to decrease pre-tax income (excluding the impact of noncontrolling interest and the provision for income taxes) by $5.0 million in 2018, $3.7 million in 2019, $2.3 million in 2020, $1.7 million in 2021 and $22.9 million thereafter.