Acquired In-Place Leases and Above/Below Market Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of acquired lease intangibles included in other assets and other liabilities

The following summarizes our acquired lease intangibles, which are included in other assets and other liabilities and deferred credits (in thousands):

	December 31, 2020		December 31, 2019
In-place leases	$	60,965	$	63,896
Accumulated amortization	(34,758)		(32,672)
Above market leases	5,389		7,534
Accumulated amortization	(5,268)		(7,351)
Acquired lease intangible assets, net	$	26,328	$	31,407
Below market leases	$	56,677	$	62,126
Accumulated accretion	(35,219)		(36,674)
Acquired lease intangible liabilities, net	$	21,458	$	25,452

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,
	2020		2019		2018
Amortization of in-place leases	$	(5,018)	$	(4,762)	$	(2,090)
Amortization of above market leases	(62)		(345)		(660)
Amortization of below market leases	3,994		4,131		4,230
Net income (loss)	$	(1,086)	$	(976)	$	1,480

Future Amortization for Acquired In-Place Leases

As of December 31, 2020, 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,
2021	$	4,215	$	28	$	3,035
2022	3,560		28		2,467
2023	3,341		26		2,232
2024	3,156		24		1,932
2025	2,918		15		1,564
Thereafter	9,017		—		10,228
	$	26,207	$	121	$	21,458