Real Estate Investments and Related Intangibles (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents the allocation of the fair values of the assets acquired and liabilities assumed during the periods presented (in thousands):



	Three Months Ended March 31,
	2019		2018
Real estate investments, at cost:
Land	$	17,716	$	27,049
Buildings, fixtures and improvements	53,923		96,044
Total tangible assets	71,639		123,093
Acquired intangible assets:
In-place leases and other intangibles ⁽¹⁾	9,445		14,037
Above-market leases⁽²⁾	—		2,752
Total purchase price of assets acquired	$	81,084	$	139,882

____________________________________


(1)	The weighted average amortization period for acquired in-place leases and other intangibles is 12.5 years and 14.9 years for 2019 Acquisitions and 2018 Acquisitions, respectively.

(2)

The weighted average amortization period for acquired above-market leases is 10.8 years for 2018 Acquisitions.

Schedule of Intangible Assets

Intangible lease assets and liabilities of the Company consisted of the following as of March 31, 2019 and December 31, 2018 (amounts in thousands, except weighted-average useful life):



	Weighted-Average Useful Life	March 31, 2019		December 31, 2018
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $730,221 and $703,909, respectively	15.5	$	948,973	$	980,971
Leasing commissions, net of accumulated amortization of $4,566 and $4,048, respectively	10.4	16,318		15,660
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $110,100 and $105,936, respectively	16.4	193,647		201,875
Total intangible lease assets, net		$	1,158,938	$	1,198,506

Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $93,268 and $89,905, respectively	18.9	$	166,708	$	173,479

Schedule of Intangible Liabilities

Intangible lease assets and liabilities of the Company consisted of the following as of March 31, 2019 and December 31, 2018 (amounts in thousands, except weighted-average useful life):



	Weighted-Average Useful Life	March 31, 2019		December 31, 2018
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $730,221 and $703,909, respectively	15.5	$	948,973	$	980,971
Leasing commissions, net of accumulated amortization of $4,566 and $4,048, respectively	10.4	16,318		15,660
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $110,100 and $105,936, respectively	16.4	193,647		201,875
Total intangible lease assets, net		$	1,158,938	$	1,198,506

Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $93,268 and $89,905, respectively	18.9	$	166,708	$	173,479

Schedule of Amortization Expense and Adjustments to Rental Income

The following table provides the projected amortization expense and adjustments to rental revenue related to the intangible lease assets and liabilities for the next five years as of March 31, 2019 (amounts in thousands):



	Remainder of 2019		2020		2021		2022		2023
In-place leases and other intangibles:
Total projected to be included in amortization expense	$	94,897	$	119,518	$	111,755	$	97,582	$	86,748
Leasing commissions:
Total projected to be included in amortization expense	1,607		2,018		1,857		1,780		1,584
Above-market lease assets and deferred lease incentives:
Total projected to be deducted from rental revenue	15,595		20,359		19,929		19,116		18,168
Below-market lease liabilities:
Total projected to be included in rental revenue	14,559		16,674		15,532		14,690		13,806