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Acquired In-Place Leases and Above/Below Market Leases (Notes)
 12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES
The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands):
    
 
December 31, 2019
 
December 31, 2018
In-place leases
$
63,896

 
$
40,884

Accumulated amortization
(32,672
)
 
(34,603
)
Above market leases
7,534

 
11,963

Accumulated amortization
(7,351
)
 
(11,445
)
Acquired lease intangible assets, net
$
31,407

 
$
6,799

Below market leases
$
62,126

 
$
63,172

Accumulated accretion
(36,674
)
 
(37,220
)
Acquired lease intangible liabilities, net
$
25,452

 
$
25,952



The value allocated to in-place leases is amortized over the related lease term as depreciation and amortization expense in the statement of income. Above and below market leases are amortized over the related lease term as additional rental income for below market leases or a reduction of rental income for above market leases in the statement of income. Rental income (loss) includes net amortization from acquired above and below market leases of $3.8 million, $3.6 million and $3.3 million in 2019, 2018 and 2017, respectively. The remaining weighted-average amortization period as of December 31, 2019, is 8.5 years, 4.6 years and 11.0 years for in-place leases, above market leases and below market leases, respectively. Below market leases include $12.3 million related to below market renewal options, and the weighted-average period prior to the commencement of the renewal options is 8.9 years.
Increases (decreases) in net income as a result of amortization of our in-place leases, above market leases and below market leases are as follows (in thousands): 
    
 
Year Ended December 31,
  
2019
 
2018
 
2017
Amortization of in-place leases
$
(4,762
)
 
$
(2,090
)
 
$
(8,769
)
Amortization of above market leases
(345
)
 
(660
)
 
(934
)
Amortization of below market leases
4,131

 
4,230

 
4,239

Net income (loss)
$
(976
)
 
$
1,480

 
$
(5,464
)

As of December 31, 2019, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands): 
    
 
In-Place
Leases
 
Above Market
Leases
 
Below Market
Leases
Year Ending December 31,
 
 
 
 
 
2020
$
4,903

 
$
62

 
$
3,382

2021
4,244

 
28

 
3,148

2022
3,589

 
28

 
2,579

2023
3,363

 
27

 
2,329

2024
3,178

 
24

 
2,038

Thereafter
11,947

 
14

 
11,976

 
$
31,224

 
$
183

 
$
25,452